Preserving Your Legacy with Reverse Mortgages: Debunking Inheritance Myths

Two people holding a model of a house, debunking inheritance myths.

When it comes to considering a reverse mortgage, many people hesitate due to the misconception that it will prevent them from leaving an inheritance to their heirs. However, this belief is often based on misunderstandings about how reverse mortgages work and the impact they have on inheritances. In this blog post, we will delve into what happens if you pass away with a traditional mortgage compared to a reverse mortgage. We will also explore heartwarming scenarios where adult children can support their aging parents by making mortgage payments or paying off the loan completely. Join us as we debunk these inheritance myths and shed light on the benefits of reverse mortgages.

The Truth About Traditional Mortgages and Inheritances

Contrary to popular belief, having a traditional mortgage does not guarantee that your heirs will receive your home free and clear. When you pass away with a traditional mortgage, your heirs are typically responsible for either selling the property or taking over the remaining mortgage payments. This can put financial strain on your loved ones during an already difficult time.

However, with a reverse mortgage, the story is different. If you have a reverse mortgage and pass away, your heirs have several options available to them. They can choose to sell the home and use the proceeds to pay off the loan, or they can refinance the loan into their own name if they wish to keep the property. Another option is simply walking away from the home without any personal liability.

The flexibility provided by reverse mortgages allows your heirs to make decisions based on their unique circumstances and preferences. It relieves them of immediate financial burdens and gives them more control over what happens to the property.

Don’t let misconceptions about inheritances deter you from considering a reverse mortgage as a viable option for funding your retirement or easing financial stress in later years. Understanding how reverse mortgages work and their potential benefits for both you and your heirs is crucial. To gain expert insights, tune in to our podcast episode featuring Bruce Simmons. Additionally, download our free guide for comprehensive information on securing your legacy while enjoying financial peace of mind.

Remember, when it comes to traditional mortgages and inheritances, there’s more than meets the eye. Explore how a reverse mortgage could provide you with greater financial flexibility while safeguarding your family’s future.

Understanding Reverse Mortgages and Inheritances

When it comes to traditional mortgages and inheritances, there are often misconceptions that can deter homeowners from considering a reverse mortgage as a viable option. However, understanding how reverse mortgages work in relation to inheritances is crucial for making informed decisions about your financial future.

With a reverse mortgage, the situation is different. If you pass away with a reverse mortgage in place, your heirs have several options available to them. One option is to sell the home and use the proceeds to pay off the loan balance. This allows them to keep any remaining equity as an inheritance. It provides flexibility for your heirs to receive a financial benefit from the sale of the property.

Another option for your heirs is to refinance the loan into their name if they wish to keep the property. This can be beneficial if they want to continue living in or renting out the home while taking over responsibility for the loan payments. Refinancing allows them to maintain ownership and potentially build equity over time.

Alternatively, your heirs also have the choice of simply walking away from the home without any personal liability. With a reverse mortgage, there is no personal recourse for your heirs if they decide not to keep or sell the property. This relieves them of immediate financial burdens and gives them more control over what happens with regards to inheriting or dealing with real estate assets.

Understanding these options provided by reverse mortgages can help alleviate concerns about burdening loved ones with debt after passing away. It offers peace of mind knowing that there are choices available that align with their unique circumstances and preferences.

To gain further insights into how reverse mortgages work and their potential benefits for both you and your heirs, consider tuning in to our podcast episode featuring Bruce Simmons – an expert in this field who shares valuable information on securing your legacy while enjoying financial peace of mind.

In addition, we invite you to download our free guide which provides comprehensive information on reverse mortgages and how they can play a role in safeguarding your family’s future. Don’t let misconceptions about inheritances hold you back from exploring the potential benefits of a reverse mortgage for funding your retirement or easing financial stress in later years.

Remember, when it comes to traditional mortgages and inheritances, there’s more than meets the eye. Take the time to understand how a reverse mortgage could provide you with greater financial flexibility while ensuring a secure future for your loved ones.

Heartwarming Scenarios of Adult Children Helping Aging Parents

One of the unique advantages of reverse mortgages is that they provide opportunities for adult children to assist their aging parents financially while preserving their legacy. For example, an adult child may step in and make monthly mortgage payments on behalf of their parent who has taken out a reverse mortgage. This relieves the parent of financial stress and ensures they can enjoy their retirement years comfortably.

In other cases, adult children may choose to pay off the reverse mortgage completely, allowing their parents to live in the home without any ongoing loan obligations. This act of generosity not only provides peace of mind for the parents but also allows them to leave a debt-free property as an inheritance for their children.


Don’t let misconceptions about reverse mortgages prevent you from exploring this powerful financial tool. By understanding what happens if you die with a traditional mortgage versus a reverse mortgage, you can make informed decisions that align with your goals and priorities. To delve deeper into this topic and gain valuable insights from our expert, we invite you to listen to the full podcast episode featuring Bruce Simmons. Additionally, download our free guide on reverse mortgages to further educate yourself on how they can positively impact your retirement plans while still preserving your legacy.

Remember, it’s never too late to secure your financial future and provide support for your loved ones when considering a reverse mortgage.

Picture of Bruce Simmons

Bruce Simmons

I absolutely love what I do - working with senior homeowners to help them live a more comfortable, flexible and secure retirement. I have the absolute best customers in the world, and even though I worked in the forward mortgage business for a number of years, I could never go back to doing conventional loans. I'm a 100% reverse mortgage specialist.

5.0

My wife and I are retired and had a mortgage that was quite high. We contacted Bruce regarding a Reverse Mortgage and were pleased with his knowledge and experience. He made the whole process very easy and explained everything along the way. Since then, I have had a couple of questions and contacted him regarding the RM. Bruce has always been very responsive and returned our calls within minutes. We couldn't be happier having used Bruce for the Reverse Mortgage and highly recommend him.

Bruce has been serving my interest over and above what one might expect during the whole process of handling my reverse mortgage dating back to 2010 and continues to be available at present whenever a question may arise. He is one of the most reliable, trustworthy and knowledgeable experts regarding reverse mortgages that I have had the privilege to do business with! I would highly recommend Bruce to anyone who is considering a reverse mortgage. Thank you Bruce!

I met Bruce from a referral who just love what he did for them on their Reverse Mortgage, So I contacted Bruce and told him my story and he came up with a great Reverse Mortgage for me and my needs and now I am living good and not worrying about Finances anymore. He had it done in a timely manner. If you are looking for the MAN to help you get the best Reverse Mortgage you need to call him and hope you let him help you.

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

Gerald Cook
Gerald Cook
5.0

Bruce did our original reverse mortgage and has also refinanced it twice. He works hard to get the best deal possible while making it as easy for us as possible. When our first refinance received a low initial appraisal, Bruce helped the appraiser find better information and increase the appraised value. He's the best.

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!

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Unlock the secrets to a more secure retirement with our exclusive Consumer Guide! Discover if a reverse mortgage is your golden ticket to financial freedom and comfort in your later years. 

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Unlock the secrets to a more secure retirement with our exclusive Consumer Guide! Discover if a reverse mortgage is your golden ticket to financial freedom and comfort in your later years. 

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John Addante
John Addante

Left us a 5 star review

My wife and I are retired and had a mortgage that was quite high. We contacted Bruce regarding a Reverse Mortgage and were pleased with his knowledge and experience. He made the whole process very easy and explained everything along the way. Since then, I have had a couple of questions and contacted him regarding the RM. Bruce has always been very responsive and returned our calls within minutes. We couldn't be happier having used Bruce for the Reverse Mortgage and highly recommend him.

Bruce has been serving my interest over and above what one might expect during the whole process of handling my reverse mortgage dating back to 2010 and continues to be available at present whenever a question may arise. He is one of the most reliable, trustworthy and knowledgeable experts regarding reverse mortgages that I have had the privilege to do business with! I would highly recommend Bruce to anyone who is considering a reverse mortgage. Thank you Bruce!

I met Bruce from a referral who just love what he did for them on their Reverse Mortgage, So I contacted Bruce and told him my story and he came up with a great Reverse Mortgage for me and my needs and now I am living good and not worrying about Finances anymore. He had it done in a timely manner. If you are looking for the MAN to help you get the best Reverse Mortgage you need to call him and hope you let him help you.

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!