By law, your lender cannnot allow too much money to be held in your account based on what you owe for real estate taxes and insurance. It could be that they over estimated your escrow at settlement or that the amount you owe for real estate taxes and insurance has decreased this year. If you have concerns, give the lender a call before you cash it to find out why you are getting money back. But it is likely legitimate money that is due to you.
A reverse mortgage allows homeowners age 62 and older to convert a portion of the equity in their home into tax-free income, which they can then use to retire debt or pay medical bills.
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