More Couples Can Find Opportunities with Reverse Mortgages

More Couples Can Find Opportunities with Reverse Mortgages

Good news! A new reverse mortgage program is in place offering more opportunities for couples to obtain this loan. To be on a reverse mortgage loan,  the borrower needs to be at least 62 years old, making it difficult for couples with a younger spouse to obtain this loan. However, in the past, some couples opted to remove the younger spouse off the loan in order to qualify, and unfortunately leaving the non-borrowing spouse at risk of losing the home if the borrowing spouse were to pass away. While the younger spouse will not be put on the reverse mortgage loan, they are now protected and can continue to live in the home for as long as they want.

Here are some important things you should know about the new program:

• When the borrowing spouse passes away, the reverse mortgage monthly payments will stop and credit line will be frozen.

• Although the non-borrowing spouses are not able to receive the monetary benefits of a reverse mortgage, they will now receive protection from eviction and are able to continue to live on the property for as long as they want if the borrowing spouse passes away.

• Non-borrowing spouses can be put back on title. *

*For more information on title, speak with a Senior Advisor at 1-888-QUALIFY

With this new program, many more couples can find the peace of mind that both spouses will be protected in a reverse mortgage.If you are interested in learning more about the new program or would like to obtain a reverse mortgage loan, contact a Senior Advisor today at 1-888-808-8486.

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