'Spouse' Category Archives

How to use a Reverse Mortgage in a Divorce Settlement

September 23, 2023     115 comments

While the concept of a reverse mortgage is often associated with bolstering financial stability for retirees, its utility extends beyond mere retirement planning.  Beyond its ability to aid those meeting the 62-year-old age requirement in enhancing monthly cash flow or eliminating mortgage payments, there exists a lesser-known yet significant application: navigating divorce situations. For couples facing the complexities of asset...
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Reverse Mortgage Spouse: “Eligible” vs. “Ineligible” Protection

September 18, 2023     130 comments

Who is an eligible non-borrowing spouse on a reverse mortgage? Great Question! There are two types of non-borrowing spouses in a reverse mortgage: eligible and ineligible non-borrowing spouses. To be considered an eligible non-borrowing spouse, you must be married to the borrower when they apply for and close the loan. As an eligible non-borrowing spouse, you must also meet...
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“My wife is Under 62, can I still do a reverse mortgage?”

September 21, 2021     14 comments

I am 68 years of age, married my wife about three years age. I had my house before I got married. My wife is 54, can I still do a reverse mortgage? And if so how will it affect her? Her name is not on the deed. -Gregory N. Firstly, let me say that as of August 4, 2014,...
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Can I Protect My Girlfriend Not On My Reverse Mortgage?

September 13, 2021     6 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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Options When a Spouse Dies with a Reverse Mortgage

September 8, 2021     20 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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3 Options if You Married Someone with a Reverse Mortgage

August 31, 2021     25 comments

My fiance (age 68) has a reverse mortgage on his home. I believe it was signed in 2017. We live in WA state and have a de facto marriage 9 years now but are going to legally marry this year. What rights do I have to stay in the home should he die? I am 61. You have...
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Reverse Mortgage Attorney Asks: Rules of Spouse & Survivorship

August 23, 2021     28 comments

Hello ARLO, Husband & Wife, both over 70-years-old, occupied principal residence in California for many, many years and have no other home. Husband had a fall in late 2016 and was discharged from the hospital to a board & care facility to recover. Husband had been at board & care facility for 4 months when husband & wife applied...
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Reverse Mortgage Age Limits & Title Cautions

June 29, 2021     48 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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Dangers of Leaving Spouse off Title for a Reverse Mortgage

October 16, 2018     30 comments

I am in North Carolina, and I'm not on the house deed. We applied for a reverse mortgage, signed the papers and appraisal was done today. I question them about me not being on the house deed and I was told it was not necessary. Is this true? If it is, where do I stand? I hate hearing...
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Would a reverse mortgage be a good option for younger spouse?

January 19, 2017     no comments

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...
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