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

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However, there is one huge caveat to that. If you want your surviving spouse to be able to keep the home With a reverse mortgage, whose name is on the loan matters. Many times people fall into the.

What Happens to Reverse Mortgage When You Die | Reverse Mortgage After Owner Dies Ron Feinman. A spouse might not be named on the mortgage for a number of reasons: one spouse may have taken out the reverse mortgage before the marriage, or one spouse may be under age 62 and ineligible, or, more likely, lenders often encourage the younger spouse not to be named as a borrower because then the loan amount can be bigger.

So, if your spouse is considerably younger than you, you’ll get less money with a reverse mortgage if you include him or her as a borrower on the loan. For this reason, mortgage brokers sometimes advise homeowners to quitclaim a property to the older spouse and leave the younger spouse off the mortgage to increase the amount of the loan.

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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. If you have a reverse mortgage with only one spouse on it, contact us to find out the best way to protect the non-borrowing spouse.

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.

You can put your wife’s name on a reverse mortgage, but first find out if it’s the best option.. What is the best way to add my wife to my reverse mortgage?. your wife can stay in the.

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.

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