My Bank still does non-borrowing spouse Reverse Mortgages, but I don't understand why you'd need one. Is your wife under 62?
She is under 62. She is also my 4th wife and understands my home is to be left to my kids.
The non-borrowing spouse can refinance the reverse mortgage into a normal conventional loan loan after your death and pay it off on time. She can file an affidavit of heirship and get the property transferred in her name or in the name of the children.
hi my husband and i have a reverse morgage, his name only because of my age. he has passed away and i have been in my house for 20 years what do i do now i dont have 96,000.00 to pay off this loan.and i dont want to move.
You can refinance the mortgage to add your name to the loan if you are 62 years or more of age. This will help you save the property and you will also be able to live in it.
I have a reverse mortgage on a property that is owned solely by me. Can I add my spouse to the deed as joint tenant with right of survivorship?
You can add your spouse to the deed only if you he or she is 62 or more years of age.