A Reverse Mortgage is designed to be the last loan you may ever need. It works opposite a traditional mortgage. Rather than making monthly payments to pay off a loan as is the case with a traditional or forward mortgage, with a reverse mortgage the equity in your home pays you. Since there are no monthly payments, there is no income or credit qualification required.
Yes, he can give you 10 days notice that he stopped paying his insurance. I suggest you make sure you get some coverage on your own until you can change your circumstances.
Dianne Hicks... more