A reverse mortgage loan contract may provide that it is the primary obligation of
the borrower to pay all property taxes, insurance premiums, and assessments in a timely
manner, and that the failure of the borrower to make these payments and to provide
evidence of payment to the lender may constitute grounds for default of the loan. A reverse mortgage loan contract shall state that if a borrower fails to pay property
taxes, insurance premiums, or assessments, the lender may choose, at the lender's
option, to pay the amounts due, charge them to the reverse mortgage loan, and recalculate
regularly scheduled payments under the loan to account for the increased outstanding
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