How will a reverse mortgage affect my heirs or children?
No parent ever wants to become a financial burden to their children. Instead, you and your children want you to be able to enjoy your golden years feeling financially secure. A reverse mortgage allows you to have this security. Many seniors also appreciate the fact that upon their death, a reverse mortgage can also benefit their children. If they want to retain ownership of your home, they can refinance the reverse mortgage into a traditional mortgage and repay the reverse mortgage or, if they choose to sell the home, they can use the proceeds to pay off the reverse mortgage and keep the remaining balance. |
