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'Spouse' Category Archives

Reverse Mortgage “Eligible” vs “Ineligible” Non-Borrowing Spouse

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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...
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Reverse Mortgage Options When Spouse Dies

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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...
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Non-Borrowing Spouses Now Have Protections

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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...
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Notify Death of Spouse Holding Reverse Mortgage?

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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....
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HUD Announces New Option for HECM Non-Borrowing Spouse

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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...
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Big Changes Ahead for Reverse Mortgage Non-Borrowing Spouses

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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...
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Reverse Mortgage Rule Change will Address Non-Borrowing Spouses

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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...
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