• Question
  • Marriage after obtaining reverse mortgage

    Asked on 10/12/2009

    I married after obtaining a reverse mortgage on my home. My husband is named as my heir in my will. If I die before he does, will he have to move out of our home?

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  • Categories: Reverse Mortgages, Reverse Mortgages & Heirs

Answers

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  • Your husband will have up to 1 yr. to pay off the reverse mortgage. He will have no payments during this time period but may consider making payments toward the reverse mortgage to reduce interest charges if his goal is to remain in the home should you pass away before him. His options will be as follows: He can either refinance the reverse mortgage during this time. His age, loan balance, home value & interest rates will determine how much he qualifies for. He can sell the home and pay off the reverse mortgage. A better option might be to look into refinancing your reverse mortgage now while rates are low. We currently have a 5.56% fixed for life rate in most of the country. By refinancing your reverse mortgage now you can be assured there will be no issues should you pass before him. Also FHA Reverse Mortgage lending limits have been raised so this may allow you to access more proceeds through a reverse mortgage. Best Regards, Anthony

  • Login to rate this answer:   Answered on 10/12/2009
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.