All things mortgage rate
If I take out a reverse mortgage on my house, can I still leave the house to my heirs? Yes. Your heirs may redeem the reverse mortgage by repaying the income you received from it. They may also sell the house themselves or let the lender resell the house to cover the cost of the reverse mortgage. Your heirs may need to take out a new home mortgage on the property to cover the cost of the reverse mortgage. As you can see, although it is possible to keep the property in the family, the extra expense of a reverse mortgage makes it strongly unlikely that your heirs will choose to redeem the reverse mortgage and keep the property in the family.