What Is An Impound Account?

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Randy Poole
Broker In Charge
843-693-8333
randy@beaconsc.com

Jeff McIlhenny
Owner, Broker
843-452-2953
jeffm@beaconsc.com

What Is An Impound Account?

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What is an Impound Account?

An impound account is a trust account established by the lender (at closing) to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums.

These bills come due once a year, and the lender uses the impound account to pay them. The taxes and insurance charges are pro rated into a monthly charge that is part of your mortgage payment. This is done so that you (and your lender) do not have to worry about getting hit with owing a large sum at one time. An impound account spreads the cost out over the course of a year.

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Last Updated ( Tuesday, 17 November 2009 )

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