A huge number of posts about equity loans
Depending upon where you live, you might not be allowed to have any other home mortgages than the reverse mortgage on the property, so you may need to pay off your previous mortgages with the proceeds of the reverse mortgage before you can begin to use the income for other purposes. Will my heirs still be able to inherit my house if I take out a reverse mortgage on it? Certainly. Your heirs may repay the value of the reverse mortgage, attempt to sell the house to cover the cost of the reverse mortgage, or let the bank or other lender resell the house itself. It is possible for your heirs to cover the cost of the reverse mortgage, effectively taking out a new home mortgage on it. As you can see, although it is possible to keep the property in the family, the extra expense of a reverse mortgage makes it strongly unlikely that your heirs will choose to redeem the reverse mortgage and keep the property in the family.