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Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage

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A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house.

Expert Answer. HUD does now allow the qualified spouses of reverse mortgage borrowers who are not yet 62 to be considered "non-borrowing spouses" which grants them protection when you pass allowing them to stay in the home for as long as they live as well. To be a qualifying spouse, they have to be over 18,

every reverse-mortgage borrower had to be 62 or older. That’s why some couples with one spouse younger than that only put the older spouse’s name on the reverse mortgage. However, starting Aug. 4, the.

What Happens to Reverse Mortgage When You Die | Reverse Mortgage After Owner Dies When purchasing a reverse mortgage, it is always safer to put both spouse’s names on the mortgage. If one spouse is underage when the mortgage is originally taken out, that spouse can be added to the mortgage when he or she reaches age 65.

Just remember: when shopping for a mortgage rate, it is best to condense all of your inquiries into a short period of time. All mortgage inquiries completed in one shopping window (typically 30 days or less) will only count as one inquiry on your report.

I'm ARLO, ask me anything about reverse mortgages and your spouse's situation.. are aware of the ramifications of the loan, what affect it will have on you as a title.. Otherwise, you can put the new spouse on title at this time and sign an.

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Older Americans are being warned that ads touting reverse mortgages "that seem too good to be true" might be just that. Rather slyly using a tag line from one popular. reverse mortgage loans to tap.

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.

Greer: One of our analysts, around 10 years ago or so, I forget his name, but he was bullish. but it was only 3%, where I think people were looking for more like 4% or 5%. But it’s very difficult.