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Kai has sent the following question Ask ARLO! My fiancé' (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... Read Full Article
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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 is... 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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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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 it... Read Full Article
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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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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... Read Full Article