A reverse mortgage can offer several attractive features. It most definitely is a high-risk option if one spouse is under age 62.” read the ConsumerAffairs article.
Who else do you share the house with? If both you and your spouse are aged 62 or older, you can put both your names on the reverse mortgage. That means if one of you dies, the other will continue.
A Home Equity Conversion reverse mortgage (hecm), more commonly. For those age 62 or older, these loans can provide guaranteed income. they would be able to add the younger spouse to the loan at a future date.
Protect Your Spouse When Getting a Reverse Mortgages | Jan Neal. – If one spouse is under age 62, the younger spouse has to be left off the loan in order for the couple to qualify for a reverse mortgage.
Borrower Requirements and Responsibilities. Age qualification: All borrowers listed on title must be 62 years old. If one spouse is under 62, it might be possible to get a reverse mortgage. However, the loan officer will need to collect additional information upfront to determine eligibility.
New reverse-mortgage rules kicking in Aug. 4 should provide peace. mean less risk for lenders and for non-borrowing spouses. Some did it because one spouse was under 62 and by not revealing that on.
There are risks to taking out a reverse mortgage if your spouse is under 62 years. 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.