A place to explore refinance
If you live in one of those areas, you will be required to put your reverse mortgage payments toward your home mortgage, and will not be able to use the income for other purposes until your mortgage is paid off. If I take out a reverse mortgage on my house, can I still leave the house to my heirs? Certainly. Your heirs may repay the value of the reverse mortgage, attempt to sell the house to cover the cost of the reverse mortgage, or let the bank or other lender resell the house itself. Your heirs may need to take out a new home mortgage on the property to cover the cost of the reverse mortgage. However, taking out a reverse mortgage strongly decreases the likelihood that the property will stay in the family.