The statement I often hear right after “but the bank owns my home!” is “but there will never be anything left for my kids!”
These and other lingering misconceptions continue to prevent many older homeowners from exploring a reverse mortgage. They have been told by a neighbor, relative, friend or even a lawyer, CPA or financial planner that they give up their home to the bank and their kids will inherit zero. Fortunately the tide is turning and the HECM program is being lauded in professional circles.
There is a very good look at the inheritance issue here.