QUESTION:

would wife be covered

I am 64 years old but wife is 51, would wife be included in lone because the house is in both our names
asked by Kingfisher44, 4/24/2008
Categories: Spouses
ANSWERS:
Answered by: Tamera, 04/24/08
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Are asking if your wife can remain on title with a reverse mortgage?If you are, the answer is no. All borrowers must be 62 or older.If youre considering taking her off title to obtain a reverse mortgage, please understand the decision you are making. Many people still do it, and its worthwhile to them. Just make sure you understand the reprocussions.If you were to pass before her, she would be forced to pay off the balance of the loan. Usually done by sale or refinance, depending on your financial situation, she could use proceeds from a life insurance policy. Hopefully, by then she'll be 62, and can refinance with another reverse mortgage.I hope I was able to answer your question. Please disregard if I misunderstood what you were asking.Tam :)Reverse Mortgage SpecialistFinancial Freedom Senior Funding

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