How will a Reverse Mortgage affect my estate?

 

None of your other assets will be affected by your Reverse Mortgage loan.

 

When you sell your home, or you move out permanently, you or your estate must repay the lender for the cash received from the Reverse Mortgage, plus interest and service fees.

Any remaining equity belongs to you or to your heirs. It’s important to remember that you can never owe more than the home’s appraised value when it is sold.

 

Is the heir or last surviving borrower forced to sell the property to repay the Reverse Mortgage loan?

 

No. As long as one borrower maintains the property as their primary residence they will not need to repay the Reverse Mortgage.

 

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