Nice Comment by Corey about the potential of equity going to heirs after the sale of the property.

I think when considering a reverse mortgage, a senior should consult their heirs before acting. If the heirs want to they can attend a Reverse Mortgage counseling course. The whole family will be on the same page. In fact, at application a Senior will ask to sign a Reverse Mortgage Advisor Disclosure form. It states the borrower sought advice from ” trusted advisor, such as attorney, accountant, banker, relative or friend” or chose not to seek advice.

I see no reason for the senior not to get support from a number of people close to them before moving forward. An educated homeowner is a smart one.

Chuck Helsel
CalPacific Mortgage Consultants
858-657-1054

You stated the following, which is absolutely true, The reverse mortgage loan will never be a burden that is passed onto your heirs because the loan will automatically be paid off from the sale of your home. It is also worth noting that in most cases, there is still retained equity even after paying off the reverse mortgage, meaning that the heirs will still receive an inheritance. Heirs also have the option, of course, to keep the home by securing their own financing which would pay off the reverse mortgage.

Thank you for your great overview of reverse mortgages!