Though the couple had lived in the home since 1975, the reverse mortgage was issued only in her name. Robert Bennett says he was told by the lender that he could stay for one year under the terms of the mortgage.
Why Both Spouses Should Be Named on a Reverse Mortgage Lenders can foreclose after a borrower dies, even if the surviving spouse wants to stay. by Emily Sachar, AARP Bulletin, Updated December 2013 | Comments: 0
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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Final thoughts about applying for a mortgage without your spouse. Buying a home is often a huge milestone in a married couple’s life. But if one spouse has to be left out due to low income or poor credit, that may make them feel left out or picked on by the loan process.
Because you are 65 years old, you appear to qualify for a reverse mortgage, but your 40-year old spouse does not. One way that used to be popular to get around this was to deed the title to the property solely into your name and leave your spouse off the reverse mortgage, but this can cause major problems.
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Sometimes, only one of the spouses is listed as a borrower on the loan. For example, one spouse might not have been 62 yet, and would not have been qualified to be a HECM reverse mortgage borrower. In that situation, what happens to a surviving non-borrowing spouse depends the timing of the HECM.
Below are 10 estate planning tips to keep in mind in order for you and your family to be better prepared for a natural disaster. Keep a copy of your critical documents in a fireproof safe, safety deposit box, or in the cloud in a password-protected folder that can be accessed outside of the disaster zone.