If your children decide later in life that they would like to keep your home in the family, they are very welcome to pay the reverse mortgage back via another method than selling the property. Your heirs can pay off the existing reverse mortgage balance with other available funds, or obtain a traditional mortgage to pay off the balance and not sell the home. This decision does not have to be made in advance, they have up to 12 months after your passing to either sell the house or pay the loan back. If they did decide to sell the property, all remaining funds will be passed to them on a tax-free basis. If you are looking for more information about reverse mortgages, feel free to request a free educational DVD, presented by Former Senator Fred Thompson. It will be able to give you valuable information about reverse mortgages so you will be able to make an educated decision about this program.

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.