Answer: It will depend on whether you and your spouse are co-borrowers on the reverse mortgage loan, and when the loan was made. If you are a co-borrower, you can continue living in the home even if your spouse dies or moves out to a nursing home. A surviving co-borrower can also receive money from the loan.
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A federal court has ruled that banks can’t foreclose on surviving spouses of reverse mortgage holders when the spouses can’t pay off the mortgage. The ruling should lead to regulatory changes that will help surviving spouses stay in their homes even if their names aren’t on the reverse mortgage.
See Also: Tighter Rules on Reverse Mortgages. If one spouse has died but the surviving spouse is listed as a borrower on the reverse mortgage, he or she can continue to live in the home, and the.
Reverse Mortgage Rules for A Non-Borrowing Spouse This rule makes it easier for the non-borrowing spouse to continue living in the home following the death of a borrower. The non-borrowing spouse will inherit the responsibility for the reverse mortgage loan as well as the home’s ownership.
Reverse Mortgages are providing improved financial security, such as an emergency or to help a surviving spouse manage cash flow.
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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.
With most married couples, a reverse mortgage after death is fairly straightforward: the couple jointly owns the home and completed the reverse mortgage application process together; in the event that one spouse dies, the surviving spouse becomes the sole owner of the home with the reverse mortgage.
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Reverse Mortgage With One Spouse Under 62. One of the fundamental requirements that must be met in order to qualify for a reverse mortgage is that all borrowers must be at least 62 years of age. This program was designed to allow older homeowners to access the equity in their homes at a time.
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A reverse-mortgage lender can foreclose after the death of the borrower even if the mortgage was HUD-insured, and therefore, should have included protections for the surviving spouse, a federal.