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Can a married couple do a reverse mortgage?
What if my spouse is not a co-borrower on a reverse mortgage?
Can I still get a reverse mortgage if my spouse is occupying?
What happens if a spouse leaves a reverse mortgage?
Sep 24, 2021 · If your spouse is not a co-borrower on the reverse mortgage, but was married to you at the time you took out the reverse mortgage, they may be able to remain in the home without paying the loan balance after you die or move into a health care facility, if they qualify under HUD's rules.
- HUD’s New Treatment of Non-Borrowing Spouses
- What Spouses Are Not Covered?
- Do You Know If There Are Any Other Changes Or Things You Need to Know?
- Our Recommendations
- Ineligible = No Deferral Granted
HUD fixed these issues with their new treatment of non-borrowing spouses as outlined in HUD Mortgagee Letter (ML) 2021-11, further extending protections granted by HUD’s previous guidance on the subject in HUD Mortgagee Letter (ML) 2019-15. Effective immediately, all non-borrowing spouses, not just the ones whose loans began after the 2014 change d...
For a person to be considered a spouse, the borrower must consider them a spouse and declare them a spouse when the loan is closed. Remember that this still does not cover spouses not married to the borrower when the loan closed. New individuals who became spouses after the loan’s closing are still not covered under the existing reverse mortgage. I...
Non-borrowing spouses cannot access the loan after the borrower passes. This means that if funds are still available on the line of credit, they remain unborrowed and do not need to be repaid when the loan is closed, but the non-borrowing spouse cannot make additional draws against the line. The non-borrowing spouse may remain in the home for as lo...
We recommend that borrowers add the non-borrowing spouse back to the title as soon as the loan closes so that there are no problems later (for those spouses removed from the title before 2015, they are no longer required to be removed as of the 2014 changes). This was more of an issue for the loans closed before 2015 when non-borrowing spouses need...
Ineligible non-borrowing spouses might be those who don’t occupy the property (separated borrowers who do not live in the home), were not married to the borrower at the time the loan was closed, or because of familial or other issues, cannot get title to the home, (perhaps the home goes to other heirs upon the death of the borrower). They would not...
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Oct 26, 2023 · If your spouse is designated as an eligible non-borrowing spouse in the loan documents, you will also need to certify that you are still married and that your spouse lives in the home...
Dec 7, 2023 · Can a spouse stay in a home with a reverse mortgage? Yes, more than ever, a non-borrowing spouse has the right to remain in the property if the borrowing spouse dies or needs an assisted living facility or nursing home. What happens if a spouse dies with a reverse mortgage?
Aug 15, 2022 · New reverse mortgage laws that took effect in September 2021 offer better protections than ever to eligible non-borrowing spouses. The new laws can help eligible non-borrowing spouses remain in...
If your spouse does not live in the property then they are not eligible for the loan and in that case, you would be applying without your spouse and the loan would include only the occupying, eligible spouse but even then, if you are married, there is always some participation required of the spouse of a reverse mortgage applicant so that they ...
Apr 6, 2023 · Your children, relatives, and other dependents who aren't co-borrowers —or a spouse who doesn't qualify as an eligible non-borrowing spouse—must pay off the loan to stay in the house if...