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

mortgage Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.

Read the full article of 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 oct 11, 2018

Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage October 25, 2018 By Barry Crimmins A recent case involving basketball star Caldwell Jones demonstrates the danger in having 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.

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.

What they don’t tell you is that reverse mortgages can be dangerous and can put your biggest asset – your. In cases where only one spouse’s name is on the reverse mortgage contract, the house can.

But when only one member of a senior couple is the named borrower on a reverse mortgage loan, it can create a troublesome situation whereby the borrowing spouse dies and the remaining partner is.

Editor’s Note: On Sept. 30, 2013, a federal trial court in Washington, D.C., ruled that HUD violated federal law when it did not protect surviving spouses of holders of reverse mortgages. Robert Bennett is facing foreclosure on a home he and his wife built more than 35 years ago and owned together in Annapolis, Md.

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Reverse Mortgage Options When Spouse Dies. 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. These cases have been covered by mainstream media and often made headlines due to the unfortunate situation they presented.

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.

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