Will the bank take my home?

The home is always yours. Just like now, if you have a mortgage the house is yours. The bank has a lien on the house that must be paid off when you sell it. If the house is passed on to your heirs it is also the same. Your heirs have six to twelve months to decide what they want to do. They can put it on the market and sell, buy it themselves, or get a loan and pay off the reverse mortgage. The amount you owe is calculated the same way as if you had a regular mortgage.