Upon your passing, home ownership passes to your heirs and the loan becomes due and payable.  Your heirs can retain the property and refinance the reverse mortgage with a new loan, or they can sell the home, pay off the balance and keep any remaining equity, per the terms of your will.

If there are two people on the reverse mortgage, the loan will not due until the other spouse passes as well. In the case of a younger spouse that was not on the title you would want to take care that the spouse that is doing the reverse mortgage have sufficient life insurance to cover the cost of retaining the house for the younger spouse when they pass.

Upcoming FAQ are:

1. What are my responsibilities once I get a reverse mortgage?

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