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.

Reverse Mortgage Calculator 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 65.

In 2008, if a married couple wanted to do a reverse mortgage and one of the spouses was not yet 62 years of age, that spouse had to agree to deed their interest in the title to the property to the eligible spouse and the 62 or older spouse had to do the loan as a sole and separate individual.

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“If you get a reverse mortgage and have enough breathing room to handle expenses and put money. of getting his name back on the title. The clock ran out before he finished transferring the deed,

New federal rules have made reverse mortgages safer, but there are. housing markets One big issue the new rules don’t address, however, is that many couples take out reverse mortgages in the name.

I'm ARLO, ask me anything about reverse mortgages and your spouse's situation.. are aware of the ramifications of the loan, what affect it will have on you as a title.. Otherwise, you can put the new spouse on title at this time and sign an.

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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.

If only one spouse’s name was on the mortgage and that spouse died, the surviving spouse would be required to either repay the loan in full or face eviction.

We’ve put together the pros, cons and hows of this increasingly common financial product in one place to make the learning process a bit easier. As the name implies. end of the day, the only way to.

If only one spouse’s name was on the mortgage and that spouse died, the surviving spouse would be required to either repay the loan in full or face eviction.