For The Families of Seniors   A reverse mortgage could be an ideal way for your parents to benefit from the years of hard work they've poured into they're home. If you are a son or daughter of a senior who is 62 or older, you should understand the facts about reverse mortgages. Tax Free Money. Your parents will be able to obtain tax free* money from their home. They will be able to stay in their home as long as they wish. Retain Title to Their Home. Your parents will retain full title to their home and will have no risk of losing it to the lender. When the home is sold, your parents will never owe more than the home is worth, no matter what happens in the market. Financial Independence. A reverse mortgage allows seniors to tap into the equity in their home without having to depend on family for financial relief. Repayment Options. If your last remaining parent passes while living in the home, the hier(s) will have a few options. You will have the option to pay off the remaining mortgage plus accrued interest. This can be accomplished by refinancing or paying it off by any other means available. If the heir(s) wish to not pay off the home, it can be sold to pay off the loan. Any remaining money will be shared based on your parents last wishes. *Consult a Tax Advisor.