When the last homeowner passes away or moves out, the reverse mortgage loan balance will be due. The heirs must then decide whether they want to keep the property or not. If they decide not to keep the property, they can sell the home and repay the loan balance from the proceeds. If the home value is greater than the loan balance, the heirs will be able to keep the proceeds. If the home value is less than the loan balance, the heirs will only be responsible for what the home is worth. Other assets will not be impacted and cannot be collected by the lender. The heirs can also decide to keep the home by paying off the reverse mortgage balance with cash or through refinancing. In this case, they are responsible for the full amount of the outstanding loan.