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

Reverse Mortgage Basics Firstly, it's not an eligible or ineligible “spouse”, but eligible and ineligible. on the loan because they do not meet the HUD criteria to be a HECM borrower.. We recommend that borrowers add the non-borrowing spouse back to title as soon as the. There is a catch that you need to be aware of though.

Here’s our advice on the temptation to include only one name in exchange for a higher payment: Just don’t do it. Put both spouses on the reverse mortgage. A reserve mortgage is still a good option for.

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If only your spouse’s name is on the mortgage, you may be able to add your own name to the mortgage. To do so, you would need to contact your lender to make the request. Your lender will either decline to add your name, due perhaps to credit concerns, or agree to add your name by means of a simple mortgage modification.

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 an elder law attorney to find out the best way to protect the non-borrowing spouse.

That means when each spouse is age 50 or older, they can contribute $6,500 for each spouse for a total of $13,000, even when only one spouse has a your beneficiaries. Perhaps the most.

Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did. In fact, in some cases where both spouses were living in the house but only one was named on the home title, those non-borrowing spouses were left without many options after the borrower spouse died.

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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.

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To understand this, one. the name of the trustee, which should be an institution that has experience in administering.

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