These mortgages are marketed quite heavily to the target market- individuals over the age of 62. These provide the ability to borrow against home equity, but not understanding how these work could leave heirs at risk of losing a family home. 
On a national level, debt has risen quite quickly for those aged 65-74. It is expected that about 13 percent of reverse mortgages are underwater, and many lenders in these situations push for immediate foreclosure action.
Even though the number of reverse mortgages has decreased by about two-thirds in recent years, the number of them in default has quadrupled. One of the main concerns with this is that a home can be purchased for 95 percent of the current value. Any shortfall could be covered by a federal insurance fund, allowing an involved person up to 30 days to determine the best course of action in addition to six months to secure financing.
If you’re curious about reverse mortgages and how it could impact your estate planning, make sure you consult with a knowledgeable attorney who can help you get your affairs in order.