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

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Why A Spouse’s Name Got Left Off. Why would couples put just one of their names on a reverse mortgage? Some did it because one spouse was under 62 and by not revealing that on the loan contract.

It can become complicated when one borrower meets this age requirement, but his or her spouse is under the age of 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.

Still, he said, reverse mortgages are “a critical resource for seniors who wish to access their accumulated home equity and age in place.” Before 2015, the only. Reverse Mortgage Solutions, said.

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Using a Reverse Mortgage to Buy a Home And a “devastating” disease like Alzheimer’s only increases the financial strain, Rosenthal said, as caregivers, both spouses and children, consider how to care for their loved one and if they. He.

When your spouse got a reverse mortgage, without putting your name on the loan, you can be at risk of losing the home after your spouse dies. The FHA’s Mortgagee Optional Election assignment.

While reverse mortgages may look like no-lose propositions on the surface, they also have some significant downsides. First, the closing costs for these loans are about double those for conventional mortgages. For example, closing costs on a $110,000 reverse mortgage for a $200,000 home would be more than $10,000.

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.

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

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When a mortgage loan is used to purchase a house, the deed to the property is prepared to include the borrower’s name. If only one spouse is a borrower, only he will appear on the deed.

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