California Probate & Estate
Planning
A Letter To My Heirs About My Reverse Mortgage
What I want my family to understand about my home, my reverse mortgage, and the decisions they may face.
Dear Family
If you are reading this, it means I once made a decision to use a reverse mortgage on my home.
I did not do it lightly.
I did it because I wanted financial flexibility without selling the home. I wanted independence. I wanted control over my retirement years. I did not want to rely on you.
“I did not want to rely on
you.”
A reverse mortgage allowed me to access the equity in my home while continuing to live in it.
What a Reverse Mortgage Really Is
01
Convert home equity into cash
02
Eliminate monthly mortgage payments
03
Remain on title
04
Stay in the home
The loan balance grows over time. Repayment is triggered when the last borrower dies, sells, or
permanently moves out. It is a non‑recourse loan. You will never owe more than the home’s value.
What Happens After Death
Loan Becomes Due
The reverse mortgage becomes due and payable.
Lender Notification
Formal notice is sent.6 Month Window
Typically up to 6 months to sell or refinance.
Choose a Path
Sell, refinance, retain, or transfer.Your Options as My Heirs
Option 01
Sell The Home
Option 02
Refinance
Option 03
Purchase at 95%
Option 04
Walk Away
Probate vs Living Trust
Property in Probate
- Probate must be opened in court
- A personal representative must be appointed
- Lender timelines and foreclosure deadlines remain active
Recommended
Property in Trust
- Successor trustee may act immediately
- No court case or probate administration required
- Property can be sold/transferred without court confirmation
Frequently Asked Questions
No. Reverse
mortgages are non‑recourse.
Yes. They may
refinance or purchase the home.
No.
Coordination is required.
Get
Structured Guidance
Structured Guidance Under One Roof
Reverse mortgages intersect with probate procedure, trust administration, real estate marketing, and lender compliance timelines.