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

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.

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 borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house.

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.

 · If one spouse is under age 62, the younger spouse has to be left off the loan in order for the couple to qualify for a reverse mortgage. Some lenders have actually encouraged couples to put only the older spouse on the mortgage because the couple could borrow more money that way.

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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.

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 borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house.

Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage. Elder Law. A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. Read More. 29 jan. guns and Dementia: Dealing With A Loved One’s Firearms.

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