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How does a reverse mortgage impact estate planning and heirs?
1 Min. read
A reverse mortgage does not affect the borrower’s ability to leave the home to their heirs, but the loan must be repaid when the borrower passes away. This can mean selling the home to pay off the loan or using other assets to settle the balance if the heirs wish to keep the home.
It’s essential for borrowers to discuss these details with their heirs as part of estate planning. Learn More
About the author
Chris Orzeske
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
