Another important question — and a fair one. When the loan becomes due, your heirs have options: Option 1: Sell the Home The home is sold, the loan is paid off, and any remaining equity goes to your estate. Option 2: Keep the Home Your heirs can refinance the balance and retain ownership. Option 3: Walk Away If the loan balance exceeds the home’s value, they can walk away. And this is critical: Reverse mortgages are non-recourse loans. That means: You or your heirs will never owe more than the home is worth. This protection is built into the program through federal insurance. What Are the Requirements? To qualify for a reverse mortgage: At least one borrower must be 62 years or older The home must be your primary residence You must have sufficient equity in the property You must demonstrate the ability to maintain property taxes and insurance In addition, all borrowers are required to complete a HUD-approved counseling session. This is not a sales step. It’s an independent session designed to ensure you fully understand: How the loan works The costs involved Your responsibilities Alternative options available to you It’s there for your protection.