"My kids want me to get a reverse mortgage, will it ruin their inheritance?” Mailbag episode

You’ve worked your whole life to pay off the mortgage. The house is finally yours. But somehow, the money worries haven’t gone away.In this Making Cents mailbag episode, a listener in their 70s writes in after becoming mortgage-free, yet still feeling anxious every time they spend a dollar.Living on the pension with little savings, they want to enjoy retirement but are scared of running out of money.Their children think a reverse mortgage could be the answer, but will unlocking home equity today destroy their inheritance tomorrow?Frances Cook talks to Will White, General Manager of Retail & Reverse Mortgages at Heartland Bank, about how modern reverse mortgages in New Zealand actually work, what protections exist, and how to decide whether using your home equity makes sense.They cover the emotional side too, including the guilt many retirees feel about spending their own money, and how to find balance between financial security and quality of life.If you’ve ever wondered how to free up cash in retirement, whether a reverse mortgage is safe, or how to enjoy your hard-earned home without risking the kids’ inheritance, this episode breaks it all down.If you have a letter you’d like us to answer, please send it through to [email protected] and you might feature on our next episode!LinksFollow Frances Cook on Facebook, Instagram and TikTok, or join the Money Memo newsletter for a free weekly money tip in your inbox each week.This podcast was filmed and produced by FanaticalsVideo editing & content production by Lana Byrne Audio engineering by Tash Chittock