Your kids don’t want your house.

I know it might hurt to hear, but your kids don’t want your house.

Historically inheritances have been a sign of honor and birthright. Kids would live with or near parents most of their lives then take over the family estate when the parents passed away. Even in our generation, it’s natural for parents to feel a desire and obligation to leave their home and belongings to their kids, but let me say it again, the odds are high that your kids don’t want your house.

I frequently have conversations with parents who resist the benefits of a HECM Reverse Mortgage for them and their kids because they feel a strong sentimental attachment to the home and they are afraid that by doing a Reverse Mortgage the home won’t stay in the family when they pass away. Let me clarify why I think this is a flawed perspective.

  1. Your kids don’t want your house. I don’t want to seem insensitive about this, I get it, my dad inherited his home from his parents who built the home right after World War II. We loved that home and have many cherished memories of it but when my Dad passed away we had no choice but to turn the home back to the bank. It’s not that we didn’t want it, but of his eight kids the home wasn’t a fit for any of us either because of where we lived and worked, the size of our families, or our finances and remodeling expenses the home would have needed.

It was pretty much the same result with my mom’s home and my Mom’s Parent’s home. We hated to see these homes go because of sentimentality but the reality is that most kids are already established when their parents pass away so it doesn’t make sense to take their smaller, older home.

  1. The other issue to correct with this line of thought is that with a Reverse Mortgage, the bank doesn’t own your home. Whether you have a standard mortgage or a Reverse mortgage your kids have the same basic options when you pass away. They can:
    1. Refinance the home to pay off your mortgage and keep the home.
    2. Sell the home and keep any remaining equity in the home.
    3. Walk away and let the bank foreclose on the home.

* If your home is upside down when you pass away, a Reverse Mortgage gives your kids the option to purchase the home at 95% of the actual appraised value. A regular Mortgage doesn’t offer this feature.

With a Reverse Mortgage, your kids maintain all the same options of keeping or selling your home when you die as a standard mortgage but there is one major difference. With a Reverse Mortgage, you and your family have the ability to enhance your life now and take advantage of the time you have left with them to create more incredible memories in the home with you in it. I can tell you from experience this is the gift and legacy you want to leave them.

If you or someone you love is curious about how a HECM Reverse Mortgage would make your life far better call me today to find out more.

Trevor Carlson

President – Reverse Mortgage Specialist

Heritage Reverse Mortgage


Heritage NMLS #1497455 Trevor’s NMLS #: 267962

1060 South Main Street Bldg. B Suite 301B

St George Utah 84770