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QUESTION:
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home church | | My home is solely in my name, as my husband is 58 years old. Can I qualify for a reverse mortgage? THANKS FOR TAKING MY QUESTION. Click here and type your question. |  | asked by kaye lecuyer, 11/4/2008 |
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Categories:
Retired, Reverse Mortgages
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| ANSWERS: | | Answered by: Editorial, 11/05/08
Overall Rating:  Be the first to rate it. | Yes, you should absolutely be eligible for a Reverse Mortgage.
To connect with a prescreened Reverse Mortgage lender, continue here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx Login to rate this answer: | | Answered by: Tamera, 11/09/08
Overall Rating:  | You may stay on title alone on the reverse mortgage.
I would make sure that you understand the decision throroughly. If you were to have to move into into assisted care, or if you should pass before he did, he would be forced to do something to pay off the reverse mortgage. He would be required to either refinance the home (maybe even with another reverse mortgage), sell the home or pay off the loan some other way.
Some couples dont see this as an issue, as the other wouldnt want to live in the home when their spouse passes, or perhaps has the means through a life insurance policy in which they might use to pay off the loan.
Either way, please be aware that once the borrowing spouse no longer maintains the home as their principle residence, the other will be required to leave as well.
Let me know if you have further questions.
Tamera Field
Reverse Mortgage Loan Consultant
Golden Gateway Financial, a preferred lender with New Retirement.
www.goldengateway.com
877-632-7890 Login to rate this answer: |
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