Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage

One month later, Ophelia Bennett died at 76. Though the couple had lived in the home since 1975, the reverse mortgage was issued only in her name. Robert Bennett says he was told by the lender that he could stay for one year under the terms of the mortgage. Then he’d have to pay the balance or sell. But by 2010, the property value had plummeted.

But a loophole for married couples allows both individuals to save for retirement, even if only one is. spouse’s name. All funds contributed to this account belong to that spouse, even if the.

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Reverse mortgages are federally insured loans available to U.S. homeowners over.. to one's finances as a reverse mortgage, must be studied carefully.. Having only one name on the title is a pitfall for married couples, for example.. Are we all put on this earth to build up a nice equity in our homes, and.

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In some cases, having only one spouse on the mortgage might be the best option . If you're looking to get a mortgage without your spouse, or if.

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vision of the appropriate role for reverse mortgages in the long-term care.. by determining the most severe impairment experienced by either spouse.. closing costs (fees for services such as an appraisal, title search and. Of those that were aware of reverse mortgages, only 28 percent of seniors and one-third of adult.

If only your spouse’s name is on the mortgage, you may be able to add your own name to the mortgage. To do so, you would need to contact your lender to make the request. Your lender will either decline to add your name, due perhaps to credit concerns, or agree to add your name by means of a simple mortgage modification.