Can I Borrow a Reverse Mortgage Without My Spouse?

by Francine Huff
December 9th, 2009

Reverse mortgages for only available to people who are 62 and up. Sometimes both spouses may not be old enough to qualify for a reverse loan. Here’s what couples who have an age difference need to know about borrowing with a reverse mortgage.

Who Is on the Deed?

Anyone who has their name on the deed to your house must agree to borrowing with a reverse mortgage. They also must be at least 62 to get a reverse loan. In some cases couples end up removing the name of the spouse who is under 62 from the deed in order to qualify for a reverse loan.

Removing one spouse’s name from the deed should not be done without the advice of a knowledgeable attorney. In the worst-case scenario, the younger spouse could outlive the older one and end up losing the home if not listed on the deed. If you go through with removing your spouse from the deed, there needs to be a solid estate plan in place (for example short-term life insurance to pay off the reverse mortgage) to make sure that he or she isn’t left in financial distress if you die.

Reverse Mortgage Guidelines

When you meet with a reverse mortgage counselor, you get an idea of how much money you are eligible to borrow and if this type of loan makes sense for your situation. The amount of a reverse mortgage is based upon your current age, the value of your home, and current interest rates. If you are still in your early to mid-60s and have enough income to meet your needs, it may pay to wait several years to apply for a reverse loan. That’s because the older you are, the more money you can qualify to borrow.

You can look for reverse mortgage quotes here to get an idea of how much you can borrow with or without your spouse.

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