Hi, I'm ARLO and I Love Questions!
My wife turns 62 this month. How can I add her to the reverse mortgage, with me, on our home? It's a HECH loan. We've lived in our home together for 30 years now and want to continue to live together for it another 30 years. Don't ask me why, after 30 years, it's not paid for ... Okay -- I'll tell you. We refinanced it 3 (maybe 4) too many times. How embarrassing. I hope you're happy, forcing it out of me. Looking forward to hearing some good news.
By Ray M. on 11.14.2018Hello Ray,
First, I want to assure you that you’re not alone—millions of American families have used equity lending as a financial tool, and there’s no reason to feel embarrassed about it.
Regarding your question, you cannot add your wife to an existing reverse mortgage. Once a reverse mortgage is closed, the terms are locked in, and additional borrowers cannot be added later. If this were allowed, it would make it impossible for HUD to determine repayment terms, as new borrowers could be added indefinitely.
What Are Your Options?
- If your wife was listed as an eligible non-borrowing spouse when the loan was originated, she can stay in the home for life and does not need to be added to the loan. However, she should be added to the title, which you can do at any time.
- If your loan was closed before 2014, when the non-borrowing spouse protection was introduced, she may not be automatically covered. In this case, the only way to ensure she can remain in the home if something happens to you is to refinance the loan in both your names.
Next Steps
You can add your wife to the title now, ensuring she has legal ownership of the home. However, that alone will not guarantee she can remain in the home under the reverse mortgage terms. The best way to protect her long-term ability to stay in the home is to refinance into a new reverse mortgage where she is included as a co-borrower.
Let me know if you need any clarification or want to explore refinancing options.
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