Catastrophes like this serve as an important reminder to make sure you have the proper preparations in place should a natural disaster strike your home.
Evacuations plans, emergency supplies and communication protocols are important. Equally important is to maintain your insurance policies on your home. When you secure a Reverse Mortgage, you maintain ownership of your home. You must therefore protect yourself by continuing to properly insure your home.
If you have a Reverse Mortgage and have maintained your insurance (as is required), you will be protected and compensated in the same way you would if you owned your home outright or had a regular mortgage.
For more information about how your household can prepare for a disaster, please consult FEMA’s publication called, “The Citizen’s Role in Disaster Preparedness” . Also useful is the American Red Cross’s information on “Be Red Cross Ready.” They have a special section for senior preparations.