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  • 73 year old from Kent, WA

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  • Hi - thanks for your question.

    I am assuming that you have a Reverse Mortgage on your home.

    If this is true, your children must be able to pay off the Reverse Mortgage loan in order for them to keep the house after you die.

    While a Reverse Mortgage does decrease your equity and can impact the overall value of your estate, you can still leave your home to your heirs and they will have the option of keeping the home and refinancing or paying off the mortgage or selling the home if the home is worth more than the amount owed on it.

    It probably makes the most sense for you to talk with a lender to find out what all your options are - you can find one here:

    https://www.newretirement.com/retirement-calculator/default.aspx

  • Login to rate this answer:   Answered on 5/29/2012
  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Heirs in a Reverse Mortgage have several options, including paying off the Reverse Mortgage in cash, refinancing the Reverse Mortgage into a traditional mortgage, and selling the some. In addition, if the home is sold for more than is owed on the Reverse Mortgage, the proceeds go on the heirs.

  • Login to rate this answer:   Answered on 5/29/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.