Reverse Mortgage Information

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Anaheim Reverse Mortgage Question - Spouse Too Young For A Reverse

My spouse is not 62 years old yet - can I get a reverse mortgage?

That is an important question.  Technically, if your spouse is willing to go off of title you could get a reverse mortgage, but it is rarely, if ever a good idea.

Why? The answer is simple.  When the borrower on a reverse mortgage no longer lives in the home due to death, illness or sale, the loan becomes due and payable.  As the elder spouse if you should die first, your partner would then have to figure out a way to payoff the loan.  How would he or she handle that obligation?  Would they have a large inheritance from you that would be enough to payoff the loan or would they be facing foreclosure and eviction. That’s the dilemna you could be placing them in if you chose to proceed as the sole borrower and asked them to deed their interest in the property to you.  I don’t think that is ever a good idea even if it means more money now - and I recommend you talk with a knowledgeable, expert financial advisor or attorney.  When a borrower is married, both spouses may be required to receive HECM Counseling even if one of them is currently not on title or planning to go off of title.Caution

It is always imperative that you understand the obligations and terms of any real estate loan that you wish to become obligated to.  Don’t be shy about asking hard questions and make sure you understand your responsibilities completely. Don't be rushed, and deal with a professional, ethical reverse mortgage professional.

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

Comment balloon 8 commentsDeborah Nance • November 13 2011 05:54AM
Anaheim Reverse Mortgage Question - Spouse Too Young For A Reverse
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My spouse is not 62 years old yet - can I get a reverse mortgage That is an important question. Technically, if your spouse is willing to go off of title you could get a reverse mortgage, but it is rarely, if ever a good idea. … more