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

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Be careful about putting only one spouse’s name on a reverse mortgage. Nov 23, 2018. A recent case involving basketball star caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the.

Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage.

Why are lenders foreclosing on elderly homeowners with a reverse mortgage when one spouse dies? Widows and widowers may be able to keep their homes, even if they weren’t named as borrowers on their spouses’ reverse mortgages. The ability to remain in the home comes courtesy of an FHA program.

Make sure spouse is also named on the mortgage. Editor’s Note: On Sept. 30, 2013, a federal trial court in Washington, D.C., ruled that HUD violated federal law when it did not protect surviving spouses of holders of reverse mortgages. Robert and Ophelia Bennett assumed that taking out a reverse mortgage on their Annapolis, Md., home,

Putting property in another person’s name is a popular tax strategy. However, without the correct advice or documentation it can often lead to unexpected complications. I always wince when clients say “Oh, I put that in the name of my brother”, or “I bought that one in the name.

"Reverse Mortgage Spouse Under 62" by www.reverse.mortgage The experts at All Reverse Mortgage are here to answer your questions! If you have an inquiry about reverse mortgages give us a call Toll Free (800) 565-1722 or calculate your reverse mortgage loan.

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Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage. A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. Learn More. Since 1998 Linnea qualified and has maintained her qualifications for the designation of Certified Elder Law Attorney (CELA.

When purchasing a reverse mortgage, it is always safer to put both spouse’s names on the mortgage. If one spouse is underage when the mortgage is originally taken out, that spouse can be added to the mortgage when he or she reaches age 65. If you have a reverse mortgage with only one spouse on it, contact your attorney to find out the best way to protect the non-borrowing spouse.

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