Do HECM services require annual verification of Home Owner Hazard insurance?
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Best Expert Answer
I reviewed HUD 4000.1 and could find no general requirement for annual hazard insurance verification, however that doesn't mean such verification is not required. State law or lender standards may require it, and the language of the HECM contract would also be very important here. If it is required in the HECM loan agreement, that would essentially be the final word. Ditto if state law or lender standards require it.
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