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

Reverse mortgage to one spouse only.. Title to this house is in my name only, as I inherited it from my parents, but it is our homestead.. a reverse mortgage may only be made to a home owner.

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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One of the advantages of a reverse mortgage product. of a different tact than what’s observed with a more “typical” reverse mortgage client. oftentimes they require a more careful and consultative.

What is a Reverse Mortgage?  Understanding the pros and cons of HECM 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.

The Dangers of a Reverse Mortgage. What they don’t tell you is that reverse mortgages can be dangerous and can put your biggest asset-your home-at risk.. So if only one spouse’s name is.

According to the National Reverse Mortgage Lenders Association, or NRMLA, several factors determine the amount of funds you are eligible to receive through a reverse mortgage. Factors That Influence.

If both members of the couple are listed as borrowers on a reverse mortgage, after the death of one spouse the survivor. says Green. Careful and sophisticated planning can provide more income for.

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.

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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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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