My little corner on home mortgage
If I get a reverse mortgage, will it cancel my existing home mortgage? No, but the proceeds of the reverse mortgage will pay off the remainder of your home mortgage. 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. If I take out a reverse mortgage on my house, can I still leave the house to my heirs? Of course. Your heirs may redeem the reverse mortgage by repaying the income you received from it. They may also sell the house themselves or let the lender resell the house to cover the cost of the reverse mortgage.