The reverse home mortgage loan may be obtained by seniors over the age of 62 whether they are single or married. However, those people who are married and who seek to get a reverse mortgage loan for the joint home need to be aware of some of the issues that are unique to this situation as compared to the individual who is getting a reverse mortgage alone.
The main catch is that the reverse mortgage loan requires that both parties by 62 years of age or older if they are going to qualify for the reverse home mortgage. Most couples opt to wait on the reverse mortgage until both partners reach this age. However, some couples choose to remove the younger person's name from the title of the home so that the older person in the couple can qualify for the reverse mortgage alone.
This choice does allow for the reverse mortgage to happen but it also creates some problems. The main one is that the younger partner then loses rights to the house. This means that if the person who obtained the reverse mortgage passes away or moves from the home, the younger partner will need to pay what's owed on the reverse mortgage or move out of the home. These are the things that you need to be aware of and ask questions about as you go to get a reverse mortgage loan.
Question of the Day: Should a couple with a wide gap in age remove the younger person's name from the home so that the older person can qualify for a reverse mortgage loan?
