What will my children or heirs think about a reverse mortgage? Below are a few questions to consider while you evaluate your interest in a HECM loan.
Do they want to inherit the maximum equity from your home OR do they want you to enjoy the most income possible today?
Do they want you to live at the highest standard of living possible?
Do they want you to maintain your dignity and independence?
Do they want to supplement your income?
Will there be equity left for them too? It just depends… How long will you stay in this house, how long will you live? What is the home value vs loan balance? How important is it to leave this legacy?