If you should pass away with a reverse mortgage, and there is no other home owner listed on the title of your property, your loan will become due. Your payments will not continue to your children, they will stop and this signals your loan is now due to be paid back. There won't be any pressure for your heirs to act immediately, they have up to six months to decide how they will repay the loan. Their choices are to sell the property, take out a traditional mortgage, or find the money by other means to cover your loan. Once the original loan amount plus interest and fees is paid back, all the remaining equity will go to your heirs, on a tax-free basis.

Please do request a copy of our informative DVD. It will answer a lot of your questions and give you greater insight into how reverse mortgages work. Click on the links provided and we'll post you a copy for free.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.