Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage
Seniors who took reverse mortgages are being pushed into foreclosure by HUD, according to a lawsuit filed by the AARP. Are all seniors who took a reverse mortgage at risk? No, only those who decided.
Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage.
The only way to be sure that the loan will not become due and payable if something were to happen to your spouse who has an existing reverse mortgage would be for the spouse with the loan to add the new spouse to the title of the property and then they must refinance the loan with a new loan that has both their names on the loan.
Reverse Mortgage With One Spouse Under 62. If the home is owned solely by the older spouse he or she may technically be able to take out a reverse mortgage in his or her name only. And, thanks to changes from the Department of Housing and Urban Development (HUD), non-borrowing spouses are now.
A spouse may not be a borrower on the loan for several reasons. For example, a spouse who is younger than 62 will not qualify as a borrower, but may still be included on the loan as a non-borrowing spouse. This may be a wise choice if both spouses want to get a reverse mortgage as soon as possible – even if the younger spouse cannot be a.
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Reverse Mortgage Options When spouse dies september 20, 2016 By Michael G. Branson 4 comments Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did.
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Because the broker’s commission is usually a percentage of the loan, excluding the younger spouse may increase the commission. Prior to recent law changes, brokers sometimes put the reverse mortgage in only one spouse’s name to maximize their commission.
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