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Posts Tagged 'spouse'

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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