HappySeniorHomeOwners Blog

If a Spouse Does Not Qualify For a Reverse Mortgage Due to Being Younger Than 62 Years of Age
New Rule From HUD

Recently HUD modified the Rule so that if  a Non-Borrowing Spouse had to be removed from Title due to being younger than 62 years of age, he/she would not have to pay off the mortgage or leave the home, within a period of one (1) year, if the Borrower passed.

This applies to new, future loans only.

The proceeds from the loan will be lower, since it will be calculated using the younger, Non-Borrowing Spouse’s date of birth.

The Borrower must be married to the Non-Borrowing Spouse at the time the loan is applied for and an annual certification must be signed.

This is great news for those couples where one spouse does not qualify for the Reverse Mortgage because he/she is younger than 62 years of age.
 
The final rules are not out yet, but if in the past you did not do a Reverse because your Spouse would not be protected if you passed, now is the time. Call or write me today  786-262-6486 or RodKohly@gmail.com

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