The surviving spouse also must continue to meet the other requirements of a reverse mortgage holder, such as paying property taxes and insurance premiums. However, the non-borrowing surviving spouse cannot access the remaining loan balance, and the new rule protects only spouses who were married to the borrowing spouse at the time the loan was taken out.
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Reverse mortgage rules might be able to protect you if your spouse passes away, but you aren’t named as a co-borrower on the mortgage. By Amy Loftsgordon , Attorney In the past, if you weren’t listed as a borrower on a reverse mortgage and your spouse died, you were likely to end up losing your home to a foreclosure .
It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the loan and the home for life.
With a reverse mortgage, the borrower always retains title or ownership of the home. The lender never, at any point, owns the home even after the last surviving spouse permanently vacates the property.
to reduce the chance of surviving spouses defaulting and facing foreclosure. If you decide you’re interested in a reverse mortgage, there’s more to learn about them. Be wary of aggressive.
Reverse mortgages and surviving spouses. – Reverse Mortgages and Surviving Spouses. Before 2014, if a reverse mortgage borrower did not name his or her spouse on the loan documents, that spouse was at risk of losing their home due to the loan going into foreclosure.
In cases where both spouses are the borrowers on a reverse mortgage and one of the spouses dies, the surviving spouse has the right to continue living in the house without repaying the loan and to.
With most married couples, a reverse mortgage after death is fairly straightforward: the couple jointly owns the home and completed the reverse mortgage application process together; in the event that one spouse dies, the surviving spouse becomes the sole owner of the home with the reverse mortgage.
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