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

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

Right now we’re only putting aside $100 a month. surprise when I had a problem with the user name on our joint banking account and was not recognized as one of the owners. Both accounts were under.

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 Options When Spouse Dies. In fact, in some cases where both spouses were living in the house but only one was named on the home title, those non-borrowing spouses were left without many options after the borrower spouse died. These cases have been covered by mainstream media and often made headlines due to the unfortunate situation they presented.

But a loophole for married couples allows both individuals to save for retirement, even if only one is. spouse’s name. All funds contributed to this account belong to that spouse, even if the.

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I urge all borrowers with a current reverse mortgage that includes only one spouse and does not have an eligible non-borrowing spouse provision to not wait until you find yourself in a position that means you have to try to put a last minute plan together at a time of extreme grief, where you may find yourself possibly with a lower income and.

But in order to minimize the impact of divorce on a family, in many cases one. spouse who stays put a mortgage on the home and keep the money? The answer is no. Even if you leave the home, and even.

So, if your spouse is considerably younger than you, you’ll get less money with a reverse mortgage if you include him or her as a borrower on the loan. For this reason, mortgage brokers sometimes advise homeowners to quitclaim a property to the older spouse and leave the younger spouse off the mortgage to increase the amount of the loan.

Editor’s Note: On Sept. 30, 2013, a federal trial court in Washington, D.C., ruled that HUD violated federal law when it did not protect surviving spouses of holders of reverse mortgages. Robert Bennett is facing foreclosure on a home he and his wife built more than 35 years ago and owned together in Annapolis, Md.

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