Reverse Mortgage with spouse under age 62
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 ?
Thanks
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.