When a parent begins considering a reverse mortgage, it’s natural for their adult children to have questions too.

What happens to the house? Will there still be an inheritance? Can the family keep the home? And what happens when Mom or Dad eventually passes away?

A reverse mortgage can affect the entire family’s future plans for the home, so these are conversations worth having before a decision is made. Here are answers to some of the most common questions adult children ask.

Does the Bank Own My Parents’ Home?

No. Your parents continue to own their home with a reverse mortgage.

With a HECM Reverse Mortgage, the home remains titled in the homeowner’s name. The reverse mortgage is a loan secured by the property, much like a traditional mortgage is secured by a home.

Your parents are still responsible for property taxes, homeowners insurance, maintaining the home and meeting the other requirements of the loan.

What Happens to the Equity in the Home?

A reverse mortgage allows your parents to access a portion of their home equity. As money is borrowed, interest and applicable loan charges are added to the loan balance over time.

The remaining equity belongs to the homeowners.

If your parents eventually sell the home, the reverse mortgage is repaid from the proceeds and the remaining equity belongs to them.

If the loan becomes due after the last borrower passes away, the same basic principle applies. The loan must be resolved, but any remaining equity belongs to the estate or heirs.

Will a Reverse Mortgage Use Up Our Inheritance?

It can reduce the amount of home equity ultimately left to heirs, so this deserves an open family conversation.

How much equity remains will depend on several factors, including how much your parents borrow, how long they have the reverse mortgage, interest and loan costs, and what happens to the home’s value over time.

But inheritance is only one part of the conversation.

For some families, preserving as much home equity as possible for the next generation is a priority. For others, the greater priority is allowing Mom or Dad to use an asset they spent decades building to support their own retirement, remain in their home or cover expenses.

Neither answer is automatically right or wrong. What’s important is understanding the tradeoff and talking about it before assumptions are made on either side.

Can We Keep the House After Our Parents Pass Away?

Yes. Having a reverse mortgage doesn’t automatically mean the family has to give up the home.

When the last borrower passes away, heirs generally have several options. They can sell the home and use the proceeds to repay the reverse mortgage, or they can keep the property by satisfying the amount required under the HECM rules.

If the family doesn’t want to keep the home, it can generally be sold and the remaining equity, after repayment of the loan and selling expenses, stays with the estate.

What If the Reverse Mortgage Balance Is More Than the House Is Worth?

This is an important protection of the FHA insured HECM program.

A HECM is a non-recourse loan. Generally, neither the borrower nor the borrower’s estate is personally responsible for paying a deficiency if the loan balance exceeds the home’s value when the loan is repaid through the sale of the property.

In other words, children don’t simply inherit their parents’ reverse mortgage debt.

Will a Reverse Mortgage Affect Social Security or Medicare?

Reverse mortgage proceeds generally don’t affect Social Security retirement benefits or Medicare, and loan proceeds aren’t considered taxable income.

Needs-based programs such as Medicaid and Supplemental Security Income (SSI) can be different. How proceeds are received and retained may affect eligibility, so homeowners receiving needs-based assistance should discuss their individual situation with an appropriate benefits or financial professional before taking loan proceeds.

Should Adult Children Be Part of the Conversation?

Whenever your parents are comfortable involving you, it can be helpful.

A reverse mortgage is ultimately the homeowner’s decision, but understanding their goals can prevent confusion later. Maybe the priority is remaining in the home. Maybe they want additional financial flexibility in retirement. Maybe the family hopes to keep the property after they’re gone.

Those are easier issues to address when everyone understands the plan ahead of time.

A reverse mortgage isn’t right for every family. But asking questions early — about the home, the loan, inheritance and what happens later — can help both parents and their adult children make decisions with a much clearer understanding of what to expect.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.

If you’ve decided to explore a reverse mortgage, understanding the application process can help remove much of the uncertainty surrounding the program.

The first qualification is age. Reverse mortgages are available to homeowners age 62 and older, and in the case of married couples, both spouses generally must meet the age requirement to be included as borrowers on the loan.

The next step is determining whether the home qualifies. Many single-family homes, certain condominiums, manufactured homes, and some multi-unit properties may be eligible, provided the home meets FHA requirements and serves as the borrower’s primary residence. An appraisal is then completed to determine the home’s value.

Borrowers should also expect a financial assessment as part of the application process. Unlike qualifying for a traditional mortgage payment, this review is designed to ensure homeowners can continue meeting obligations such as property taxes, homeowners insurance, and HOA fees if applicable.

An independent counseling session with a HUD-approved counselor is also required before moving forward. This gives borrowers an opportunity to ask questions and ensure they fully understand how the program works, the responsibilities involved, and the options available.

An appraisal is also part of the process. This helps determine the current market value of the home, which is one of the factors used to calculate how much may be available through the reverse mortgage.

Perhaps most importantly, borrowers should never feel rushed or pressured during the process. A reverse mortgage is a significant financial decision, and homeowners should feel comfortable asking questions and taking the time necessary to determine whether the program is the right fit for their retirement goals.

For many Colorado seniors, understanding what to expect ahead of time makes the process far less intimidating and allows them to move forward with confidence if they decide a reverse mortgage is right for them.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.

The goal hasn’t really changed. Most people still want to stay right where they are as they get older. Same home. Same neighborhood. Same routine.

What has changed a bit is how confident people feel about actually pulling that off.

A few years ago, polling from the Associated Press and NORC showed something kind of interesting. The older people got, the less they worried about aging in place. Those 65 and older generally felt more prepared to stay in their homes than people in their 50s and early 60s, who were still working and trying to figure out what retirement would even look like.

That part still holds up today. But newer data adds a twist.

Recent surveys from AARP show that about three quarters of adults over 50 still want to stay in their homes as they age. No surprise there. But here is the catch. Nearly half now say they expect they might have to move anyway.

So the goal is still the same. People just are not as sure they can make it happen.

A lot of that comes down to practical stuff. Housing costs are up across the board. Property taxes, maintenance, insurance, all of it adds up. On top of that, most homes were not exactly designed with aging in mind. Stairs, tight spaces, and basic layout issues can become real challenges over time.

Then there is the bigger picture. People are asking more questions about long term support. Will family be nearby? Will communities have the resources to help? Will programs like Social Security and Medicare look the same in ten or twenty years? Those are not small questions, especially for people who are getting close to retirement but are not quite there yet.

That is why the 50 to 64 age group still tends to feel the most uneasy. They can see retirement coming, but there are still a lot of unknowns. For those already in retirement, things often feel a bit more settled. Decisions have been made, plans are in motion, and that tends to bring some peace of mind.

What has not changed at all is why people want to stay put. There is comfort in being in a familiar place. You know the neighborhood. You know your neighbors. You know where everything is. It is not just about money. It is about staying connected to your life as it is.

The challenge now is that more people are realizing it takes a bit more planning than they may have expected.

That is where different financial tools come into play. Reverse mortgages are one option that has been getting more attention again. For homeowners over 62, they can offer a way to tap into home equity without taking on a monthly mortgage payment. That can help cover expenses, make updates to the home, or pay for care if needed.

It is not the right fit for everyone, but for some, it helps bridge that gap between wanting to stay in their home and being able to afford to.

At the end of the day, the idea of aging in place is still as strong as ever. People are not giving up on it. They are just starting to look at it a little more realistically, and with a bit more planning behind it.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.

Retirement looks a lot different than it did just a few decades ago. There was a time when growing older meant moving in with your adult children or settling into a senior home. Then came the era of retiring to sunny destinations with golf courses and palm trees. But today, a growing number of retirees are choosing something much simpler: staying put.

According to AARP, roughly 90% of Americans over age 65 say they want to age in place. And 82% say they’d prefer to receive care at home if medical needs arise. That’s a big shift—and it’s changing how many people are planning their retirement.

So how do you know if aging in place is the right choice for you? Here are a few key signs.

First, you’ve built a strong network where you are. Staying connected is essential to a happy retirement. If you have friends nearby, family close enough to visit often, and a community you enjoy, that’s a major reason to stay. In fact, studies show that having a solid social circle—whether through work, volunteering, church, or hobbies—can improve your physical and emotional well-being during retirement. Moving away from children, grandchildren, or even great-grandchildren can be incredibly difficult, and for many, not worth the trade-off.

Second, you’ve already established trusted service providers. That could mean your primary care physician, a specialist familiar with your medical history, your dentist, or even your mechanic and hairstylist. When you’ve built these relationships over time, it can be hard to start over somewhere new—especially if you’re managing health conditions or relying on regular care.

And third, maybe selling your home just doesn’t feel right. Even with Colorado’s strong housing market, there are personal and emotional reasons many people don’t want to part with their home. Maybe it’s been in the family for generations, or it’s been customized to fit your needs. Or maybe selling just sounds stressful.

The good news is: you don’t have to move in order to afford retirement. For many homeowners, a reverse mortgage has made aging in place not only possible, but practical. These specialized loans are available to homeowners aged 62 and older, including married couples, and come with built-in protections like required third-party counseling to help borrowers make fully informed decisions.

A reverse mortgage lets you access the equity in your home without taking on a monthly mortgage payment. You stay in your home, keep the title, and use the funds however you choose, whether that’s covering day-to-day expenses, upgrading your home, helping loved ones, or simply breathing easier financially.

And for those looking to relocate, maybe into a more accessible home or a smaller one nearby, there’s also a reverse mortgage for purchase option that allows you to buy your next home and live in it mortgage-free for life.

Whether you’re already retired or planning for it soon, aging in place is more possible than ever—and with tools like reverse mortgages, it may be easier than you think.

Jan Jordan and Kelsey Jorck are Reverse Mortgage Specialists serving Fort Collins, Loveland, Greeley, Longmont, Dacono, Erie, Boulder, and surrounding areas across Colorado’s Front Range.  Click here to contact them and learn if reverse mortgage is right for you.

The minimum age for a reverse mortgage loan is 62, but what about a maximum age?  Is anyone ever too old for a reverse mortgage?  I don’t think so, although it won’t be right for everyone. 

Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples.  There are NO loan or mortgage payment requirements while living in the home, but they are responsible for continuing to pay property taxes, homeowners insurance, and any other associated costs such as HOA fees and utilities.  The loan becomes due when the last borrower passes away or permanently leaves the home (for 12 consecutive months).

Common reasons for seeking out a reverse mortgage include boosting retirement income, strategically protecting retirement assets or delaying the use of them, medical care, or simply to have a safety net.   The creative uses for reverse mortgages go full circle.  But what about the very elderly?  How can it help them?

I once worked with a 100 year old man to obtain a reverse mortgage on his home and fund in-home care while he continued to age.  He was able to reside at home with 24 hour care at a cost of $10,000 a month.  When I was sitting at the closing table with this client and his lawyer, the lawyer mentioned that that he could move to an assisted living facility at half the cost ($5,000/month). This gentleman’s quick, sharp answer back to everyone? “NO…. I’m staying in my home.”  And he did.  And I was honored to have helped him be able to do that.

Another example would be if a parent-adult child duo were living together as they both age.  In many of these cases, it’s common both are age eligible to be on the loan.  And why shouldn’t they be?  

Sometimes the elderly want to live out the final years of their life by sharing time and gifts with those they love.  Why not offer inheritance while you’re here and can enjoy watching those you love reap the rewards of it?  

Whatever the reason, reverse mortgage may be the answer, no matter how old the borrower is.  

One concern that can arise is whether or not the elderly can pass the financial assessment needed to obtain the reverse mortgage loan, since they likely have limited income by this point.  But older borrowers can tap a larger percentage of their home’s equity, allowing for a potential set-aside of funds to cover required expenses. The reason is that their life expectancy is shorter, meaning the expected term of their loan will be shorter, too.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.