Important: (1)Loan proceeds are not taxable as income; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms.