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My husband is 63 and I am 60 - would reverse mortgage be a good option for us? - Patricia Hi Patricia, I'm afraid you have not given me much information. You are not yet old enough to be on a reverse mortgage (all borrowers must be 62 years of age or older) and so you would have to... Read Full Article
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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... Read Full Article
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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... Read Full Article
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My ex-husband just died. There was a reverse mortgage on the house. When we applied for the reverse mortgage, the lender told us to take me off of the deed because I was eleven years younger than him. She told us to wait three months and put me back on the title. We did this. I live in another state.... Read Full Article
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On August 4, 2014 HUD implemented a new policy for reverse mortgage borrowers with ineligible or "non-borrowing" spouses that allowed the eligible non-borrowing spouse to remain in the home even after the death of the borrowing spouse for as long as they lived (providing they met certain requirements) but it did not make any changes for loans originated prior to... Read Full Article
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An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers. Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t... Read Full Article
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NEWS: FHA Now Allows Non-Borrowing Spouses to be Protected! Read More The Department of Housing and Urban Development is getting ready to resolve an age-old reverse mortgage problem: the issue of the non-borrowing spouse. A reverse mortgage is a financial tool that allows borrowers who are 62 or older to tap into their home equity either in... Read Full Article
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Question from our reader: We are thinking about getting a reverse mortgage when I turn 62, my wife will be 60. We will put the house in my name only so I can get the reverse mortgage. Would we have to refinance or could we pay a fee and have my wife added as co-borrower when she is 62? -... Read Full Article
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NEWS: FHA Now Allows Non-Borrowing Spouses to be Protected - Click Here! Dear All Reverse, My husband qualifies but I am under 62 and unable to go on the reverse mortgage with him. (Age 55) I'm told that in order for my husband to be eligible for a reverse mortgage my name would have to be removed from the deed... Read Full Article
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Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD won... Read Full Article
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