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

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Only deceased spouse on mortgage, but both on deed. My spouse died 4 years ago and was the only one on the mortgage, we are both on deed. There is only the mortgage in spouse’s name, everything else is in my name.

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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.

A spouse may not be a borrower on the loan for several reasons. For example, a spouse who is younger than 62 will not qualify as a borrower, but may still be included on the loan as a non-borrowing spouse. This may be a wise choice if both spouses want to get a reverse mortgage as soon as possible – even if the younger spouse cannot be a borrower.

Ditch your spouse when buying that house.. only your name is on the mortgage loan doesn’t mean that both you and your spouse can’t both be listed as the owners of your home. You can still put.

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.

The New Reverse Mortgage | Reverse Mortgage Improved 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 August 4,

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.

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.