A reverse mortgage provides heirs with extra time to make decisions about what to do with the home and the equity in it. 1. When a borrower passes away and has a reverse mortgage, their heirs typically have up to 12 months (6 months plus the allowance of two 90-day extensions when requested) to decide what to do with the home. 2. With a traditional mortgage, heirs must immediately assume the monthly payment or face foreclosure. You can rest assured that your heirs won’t be encumbered by the immediate financial strain of assuming the loan. This grants them the freedom to thoughtfully evaluate their choices, gauge market conditions, and carry out any necessary home improvements or repairs. Moreover, if the home’s equity has appreciated, this added control empowers heirs to capitalize on its value and earn a higher profit once the loan is repaid.