Ask Terry Questions Reverse Mortgage with spouse under age 62

Reverse Mortgage with spouse under age 62

By Terry Savage on April 27, 2015 | Housing / Real Estate

If one spouse is under the age of 62.,can that spouse to qualify the other spouse ,and owner of property to qualify for a reverse mortgage ?

Terry Says:  Only if the younger spouse removes his/her name from the title.  That means that when the older spouse dies, the surviving spouse will have no right to the home — except to any remaining equity after the home is sold OR the right to repay the balance of the loan at to the lender — OR 95% of the appraised market value of the home.



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