What I say about home equity loans
They may also sell the house themselves or let the lender resell the house to cover the cost of the reverse mortgage. It is possible for your heirs to cover the cost of the reverse mortgage, effectively taking out a new home mortgage on it. However, taking out a reverse mortgage strongly decreases the likelihood that the property will stay in the family. You should consider a reverse mortgage only if you are not interested in having your heirs live in your house after your death. What happens if I "outlive" the loan? If the lender completes the full series of reverse mortgage payments while you are still alive and living in the house (that is, if you receive the full value of the house), you do not need to relinquish your house to the lender and move out.