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

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Reverse Mortgage Myths | The Truth about Reverse Mortgages | Part 1 I urge all borrowers with a current reverse mortgage that includes only one spouse and does not have an eligible non-borrowing spouse provision to not wait until you find yourself in a position that means you have to try to put a last minute plan together at a time of extreme grief, where you may find yourself possibly with a lower income and.

Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage. Aging;. A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage.. who is paying a surcharge on your premiums and then your income changes? If your circumstances change, you can reverse those.

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This guide will tell you what a reverse mortgage is and the pros and cons.. As the name suggests, this type of loan is used for a single purpose, such as. He wants to stay in his home, but needs to supplement the monthly income he. using a reverse mortgage is based on his age and that of his spouse,

So, if your spouse is considerably younger than you, you’ll get less money with a reverse mortgage if you include him or her as a borrower on the loan. For this reason, mortgage brokers sometimes advise homeowners to quitclaim a property to the older spouse and leave the younger spouse off the mortgage to increase the amount of the loan.

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Q. Should I put my paid-up house into my children’s name while I am still alive? A Unless you have a terminal disease, why would you want to deed your house to your children now? You might decide to.

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A spouse might not be named on the mortgage for a number of reasons: one spouse may have taken out the reverse mortgage before the marriage, or one spouse may be under age 62 and ineligible, or, more likely, lenders often encourage the younger spouse not to be named as a borrower because then the loan amount can be bigger.

Not only is it one of the best ways to save for retirement. It’s the most effective way to build a large nest egg. So before you pay the mortgage or any other bill, put some money directly into.

Read the full article of Be Careful About Putting Only One Spouse's Name on a Reverse Mortgage Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage Oct 11, 2018

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