With reverse mortgage products, senior borrowers are provided relief by not having to make a monthly forward reverse mortgage payment. Though, with that relief comes certain requirements one of them being the ability to pay the property taxes associated with their home.
According to a recent report from Reverse Mortgage Daily, there a total of 12 states that make this process a bit easier by allowing seniors to defer property tax payments to give them more financial flexibility.
The 12 states include: California, Colorado, Idaho, Illinois, Massachusetts, Michigan, Minnesota, Oregon, Tennessee, Utah, Washington and Wyoming.
"In order for seniors to qualify, there’s an age minimum that varies between 61 and 65 based on the state, but the majority of the states feature an age minimum of 65," according to the RMD report.
"There may also be other eligibility requirements based on income depending on where you are seeking to obtain a property tax deferral."
To learn more about some of the requirements associated with property tax deferral and which states may have certain exemptions for reverse mortgage borrowers, Click on the image above.