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Home / Blog / Posts tagged with spouse

Posts Tagged 'spouse'

Options When a Spouse Dies with a Reverse Mortgage

    6 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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Can I Protect My Girlfriend Not On My Reverse Mortgage?

    2 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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How to use a Reverse Mortgage in a Divorce Settlement

    62 comments
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...
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Reverse Mortgage Attorney Asks: Laws of Survivorship

    14 comments
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 for a...
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Non-Borrowing Spouses Now Have Protections

    16 comments
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...
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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

    2 comments
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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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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