Hi Ray,

No judgment here on the refinancing.  You are in good company.  Here is the straightforward answer.  You cannot add your wife to an existing reverse mortgage.  Once the loan closes, the borrowers are locked in.  That is just how it works.

But here is the good news you asked for.  Your wife turning 62 changes things significantly.  She now meets the minimum age requirement to be a full co-borrower on a reverse mortgage.  The cleanest solution is to refinance into a new HECM with both of you on the loan.  That protects her completely - she would have full borrower rights, access to the line of credit, and the ability to stay in the home no matter what happens to you.

A couple of things worth knowing about your current loan:

If your wife was listed as an Eligible Non-Borrowing Spouse when the loan was originated, she already has the right to remain in the home after you pass, as long as she continues to live there as her primary residence, stays current on taxes and insurance, and maintains the property.  That protection applies to HECM loans with FHA case numbers assigned on or after August 4, 2014.

If your loan closed before that date, those protections may not automatically apply to her.  That is another reason a refinance makes sense.

On adding her to the title:

You can add her to the title at any time, but that alone does not give her borrower protections under the reverse mortgage.  Also, your loan documents likely require you to notify your servicer of any title changes, so loop them in before you do anything there.

The real answer for your situation is a refinance.  She just hit 62, which means she can be a full borrower this time around.  That is exactly the kind of good news you were looking for.

Reference: HUD Handbook 4000.1, Section II.B.2.ii(B) - Non-Borrowing Spouse Requirements (PDF pages 575-577).