Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage

A spouse may not be a borrower on the loan for several reasons. For example, a spouse who is younger than 62 will not qualify as a borrower, but may still be included on the loan as a non-borrowing spouse. This may be a wise choice if both spouses want to get a reverse mortgage as soon as possible – even if the younger spouse cannot be a borrower.

Sometimes, only one of the spouses is listed as a borrower on the loan. For example, one spouse might not have been 62 yet, and would not have been qualified to be a hecm reverse mortgage borrower. In that situation, what happens to a surviving non-borrowing spouse depends the timing of the HECM.

3 Huntington Quadrangle, Melville, New York. 24 likes. Residence.. Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage. A recent case involving basketball star caldwell jones demonstrates the danger in having only one spouse’s name on a reverse mortgage.

When purchasing a reverse mortgage, it is always safer to put both spouse’s names on the mortgage if they are both at least 62 years old. If you have a reverse mortgage with only one spouse on it, contact us to discuss the options available to protect the non-borrowing spouse.

Ron Feinman. A spouse might not be named on the mortgage for a number of reasons: one spouse may have taken out the reverse mortgage before the marriage, or one spouse may be under age 62 and ineligible, or, more likely, lenders often encourage the younger spouse not to be named as a borrower because then the loan amount can be bigger.

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When your spouse got a reverse mortgage, without putting your name on the loan, you can be at risk of losing the home after your spouse dies. The FHA’s Mortgagee Optional Election assignment.

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Reverse Mortgage Myths | The Truth about Reverse Mortgages | Part 1 vision of the appropriate role for reverse mortgages in the long-term care.. by determining the most severe impairment experienced by either spouse.. closing costs (fees for services such as an appraisal, title search and. Of those that were aware of reverse mortgages, only 28 percent of seniors and one-third of adult.