Forum on mortgage rates
They may also sell the house themselves or let the lender resell the house to cover the cost of the reverse mortgage. It is possible for your heirs to cover the cost of the reverse mortgage, effectively taking out a new home mortgage on it. However, taking out a reverse mortgage strongly decreases the likelihood that the property will stay in the family. You should consider a reverse mortgage only if you are not interested in having your heirs live in your house after your death. What happens if I "outlive" the loan? If you take the value of the loan as a series of payments, and you receive the last payment (that is, the full value of the house) well before you plan to leave the house, you are not required to give your house to the lender and leave.