name removal on morgage

The con is that you will not be entitled to the same benefits as your wife assuming something happens to her and you are left behind. The loan would then need to be paid as the basics of the program say that no payments are due "until the last surviving borrower on title permanently leaves the property as to not occupy it as their primary residence anymore, sells the property, or pays of the mortgage from other funds".

In the simplest case, if a borrower were to pass on, the loan is due within a certain period of time determined by the lender and they will work with you as long as you are making a document effort to take care of paying off the mortgage.

The pro is that you can take advantage of using a reverse mortgage, such as if you are in need of eliminating a mortgage payment or in need of cash for other things.

I would strongly advise that you speak to a Nationally Recognized Elder Law Attorney and I would be happy to point you in the right direction. This is not something that should be decided on a whim. Please get professional advice from a professional who works with these situations on a daily basis, thus my reason for recommending an Elder Law Attorney. Feel free to visit www.NAELA.org to find out more.

Good Luck,

Steven V. Ceceri
Certified Mortgage Planning Specialist, Reverse Mortgage Specialist
Best Financial Mortgage Services, Inc.
108 Phenix Avenue Cranston, RI 02920
Cell: (401) 523-7423 Office: (401) 490-3210 Fax: (401) 490-3211
Email: SCeceri@BestMortgageNE.com
Website: http://www.bestfinancialmortgage.com/
Best Service... Best Rates... Simply the Best.

Bandlg-

This question comes up fairly regularly. It is a decision that must be weighed carefully. Make sure that you understand the repercussions behind your decision.

When I have borrowers that ask as to whether or not it they should remove the younger spouse from title in order to obtain a reverse mortgage, I try to provide them with as much information as possible. I would also take into consideration the borrowing spouses age and health. If it is a matter of losing your home because you can no longer afford the mortgage payment, I would say that removing someone from title might be the answer, thus saving your home from foreclosure. At the very least, it would give you an opportunity to let the value recover in this tough economic time.

The ramification of removing a spouse from title is that the non-borrowing spouse will be required to make a decision about the home when the borrowing spouse no longer maintains the home as their primary residence. This can be accomplished either through a refinance (traditional or refinance with a new reverse if the non-borrowing spouse is now old enough), the sale of the home, or paying the loan balance off with other funds, such as a life insurance policy.

For some non-borrowing spouse this is not a big deal. Some spouses don't want to keep the home for whatever reason, whether it be too big to handle, or the memories are too much. In this instance it works.

Of course, you could always refinance with another reverse mortgage when the non-borrowing spouse turns 62. Depending on interest rates and the economy, this may or may not be an option. If you ARE able to refinance when the non-borrowing spouse turns 62, don't do it JUST to put him/her on title. This is cost prohibitive. Make sure there is another good reason to do so...ie: there is more cash available, the margin on interest rates have dropped or there is a better program available. The reason for this is that the non-borrowing spouse will be forced into doing this regardless, if something should happen to the borrowing spouse.

I hope I have been able to shed a little insight into this decision of yours.

Please don't hesitate to contact me if you have any questions.

Tamera Field
Golden Gateway Financial
877-632-7890
tammyf@goldengateway.com

Bandlg-

This question comes up fairly regularly. It is a decision that must be weighed carefully. Make sure that you understand the repercussions behind your decision.

When I have borrowers that ask as to whether or not it they should remove the younger spouse from title in order to obtain a reverse mortgage, I try to provide them with as much information as possible. I would also take into consideration the borrowing spouses age and health. If it is a matter of losing your home because you can no longer afford the mortgage payment, I would say that removing someone from title might be the answer, thus saving your home from foreclosure. At the very least, it would give you an opportunity to let the value recover in this tough economic time.

The ramification of removing a spouse from title is that the non-borrowing spouse will be required to make a decision about the home when the borrowing spouse no longer maintains the home as their primary residence. This can be accomplished either through a refinance (traditional or refinance with a new reverse if the non-borrowing spouse is now old enough), the sale of the home, or paying the loan balance off with other funds, such as a life insurance policy.

For some non-borrowing spouse this is not a big deal. Some spouses don't want to keep the home for whatever reason, whether it be too big to handle, or the memories are too much. In this instance it works.

Of course, you could always refinance with another reverse mortgage when the non-borrowing spouse turns 62. Depending on interest rates and the economy, this may or may not be an option. If you ARE able to refinance when the non-borrowing spouse turns 62, don't do it JUST to put him/her on title. This is cost prohibitive. Make sure there is another good reason to do so...ie: there is more cash available, the margin on interest rates have dropped or there is a better program available. The reason for this is that the non-borrowing spouse will be forced into doing this regardless, if something should happen to the borrowing spouse.

I hope I have been able to shed a little insight into this decision of yours.

Please don't hesitate to contact me if you have any questions.

Tamera Field
Golden Gateway Financial
877-632-7890
tammyf@goldengateway.com

Bandlg-

This question comes up fairly regularly. It is a decision that must be weighed carefully. Make sure that you understand the repercussions behind your decision.

When I have borrowers that ask as to whether or not it they should remove the younger spouse from title in order to obtain a reverse mortgage, I try to provide them with as much information as possible. I would also take into consideration the borrowing spouses age and health. If it is a matter of losing your home because you can no longer afford the mortgage payment, I would say that removing someone from title might be the answer, thus saving your home from foreclosure. At the very least, it would give you an opportunity to let the value recover in this tough economic time.

The ramification of removing a spouse from title is that the non-borrowing spouse will be required to make a decision about the home when the borrowing spouse no longer maintains the home as their primary residence. This can be accomplished either through a refinance (traditional or refinance with a new reverse if the non-borrowing spouse is now old enough), the sale of the home, or paying the loan balance off with other funds, such as a life insurance policy.

For some non-borrowing spouse this is not a big deal. Some spouses don't want to keep the home for whatever reason, whether it be too big to handle, or the memories are too much. In this instance it works.

Of course, you could always refinance with another reverse mortgage when the non-borrowing spouse turns 62. Depending on interest rates and the economy, this may or may not be an option. If you ARE able to refinance when the non-borrowing spouse turns 62, don't do it JUST to put him/her on title. This is cost prohibitive. Make sure there is another good reason to do so...ie: there is more cash available, the margin on interest rates have dropped or there is a better program available. The reason for this is that the non-borrowing spouse will be forced into doing this regardless, if something should happen to the borrowing spouse.

I hope I have been able to shed a little insight into this decision of yours.

Please don't hesitate to contact me if you have any questions.

Tamera Field
Golden Gateway Financial
877-632-7890
tammyf@goldengateway.com