Reverse Mortgage Myth #4: If I get a Reverse Mortgage, I can’t leave my house to my children.

Reverse Mortgage Myth #4: If I get a Reverse Mortgage, I can’t leave my house to my children.
I’m coming at you today to bust another Reverse Mortgage myth. Myth #4 truly tugs at my heart strings. Some people believe that if they get a Reverse Mortgage, they can’t leave the house to their children. I’ve worked with seniors who have worked hard to give themselves a healthy financial retirement and others who only have a social security income to live on, so any additional expense is very, very difficult. This is the reality…With a reverse mortgage, you can still leave your home to your children. The title will always be in your name and pass to your estate. Heirs can choose to either keep the house by refinancing the existing balance or sell the home, pay the balance of the Reverse and keep the remainder. Also, these are non-recourse loans so your heirs are protected from owing more than the house is worth. If your children are involved in the decision making process, I encourage them to be part of our conversation. If you have questions about Reverse Mortgages, or are looking for more information, please give me a call at 714.614.4040