But a lot of seniors have equity in their homes – totaling about $3.84 trillion, according to one mortgage. of not including a spouse on the loan. Often, an older spouse will take out a reverse.
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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.
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When purchasing a reverse mortgage, it is always safer to put both spouse’s names on the mortgage. 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 62.
You must be careful, I would think that if your spouses name is on the mortgage loan, Meaning that whats’ yours is also the spouse’s.
Reverse Mortgage Options When Spouse Dies September 20, 2016 By Michael G. Branson 4 comments Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did.
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When it comes to the home, the title can stay in your mom’s name or you could put the home in a living. If you want to take out a reverse mortgage or take out a different loan, the TOD won’t help.