• Question
  • So many ways to use reverse mrtgages. I understand My spouce can stillstay in house if I pass on?

    Asked by a 68 year old man from Green Ridge, MO on 8/24/2015

    So many ways to use reverse mrtgages. I understand My spouce can stillstay in house if I pass on? Right? He will not have to repay? Also, is this for a montly amount to go to me or how else does that work?

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  • Categories: Reverse Mortgages, Reverse Mortgages & Heirs

Answers

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  • If your Spouse isn't62 yet, and abides by the guidelines associated with a non-borrowing Spouse, then "yes", he'll be entitled to stay in the home if you Pass, and you're the only one on Title.

    At your age, the benefit amount you'll receive is approximately 50% of the value of the property.

  • Login to rate this answer:   Answered on 8/24/2015
**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.