That home of yours better is your primary dwelling.
To keep your reverse mortgage in good standing, you must certify annually in writing that you used the home in question as your primary residence. If you plan to split your time between two locations during the year, you can only qualify for a reverse mortgage on the primary home.

Insurance and property taxes are up to date.
It’s possible that getting a reverse mortgage will affect how you handle the payment of homeowner’s insurance and property taxes. Your potential funding choices will be evaluated by your lender after this is done. You can either have your lender handle the process by depositing the loan profits into an escrow account, in which case they will be available to pay the insurance company and tax authority directly, or you can handle the process by making immediate payments from the loan’s funding.