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'Spouse' Category Archives

Reverse Mortgage Spouse Rule: “Eligible” vs “Ineligible” Protection

    40 comments
What is the difference between an eligible and an ineligible spouse?  Great Question!  Firstly, it’s not an eligible or ineligible “spouse”, but eligible and ineligible non-borrowing spouse. A non-borrowing spouse is one who is not going to be on the loan because they do not meet the HUD criteria to be a HECM borrower. The eligible or non-eligible determination is...
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Options When a Spouse Dies with a Reverse Mortgage

    6 comments
Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did. In fact, in some cases where both spouses were living in the house but only one was named on the home title, those non-borrowing spouses were left without many options after the borrower spouse died. These cases have been...
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Can I Protect My Girlfriend Not On My Reverse Mortgage?

    2 comments
Hello Arlo, I obtained a reverse mortgage on home I purchased in 2011. Paid $170,000 for house in down market now appraised at well over $300,000. I moved my girlfriend in at the time of purchase - still with me ;) Question - how can I protect her from getting thrown out of "our" home if I go daisies up...
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How to use a Reverse Mortgage in a Divorce Settlement

    66 comments
You may have heard about the ways in which a reverse mortgage can help improve your financial situation by allowing you to withdraw the equity in your home over time. For those people meeting the 62-year-old age requirement who have substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments by...
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Reverse Mortgage Age Limits & Title Cautions

    22 comments
The HUD HECM program limits the youngest borrower to the age of 62 or older to be eligible for the reverse mortgage program.  If there is a spouse of a borrower who is not yet 62, the older spouse can still get a reverse mortgage and the younger spouse can remain on title and would be known as an “eligible...
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Non-Borrowing Spouses Now Have Protections

    16 comments
My husband is 64-yrs old and presently the only borrower in the mortgage. I am 60 yrs. old (wife), self-employed approx. $1800-2250/month as a Mobile Notary Agent. Do we qualify in this reverse mortgage program as joint borrower? or just him as a single borrower? his income at present $2500/month. -Mary Jean Hi Mary Jean, If you decide to...
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