QUESTION
How can I get my spouse put on my reverse mortgage, since she is now over 62 and qualifies?
Asked on Feb 29th, 2016 on Real Estate - California
More details to this question:
I was initially advised by the loan officer to have my wife file a quit-claim on my house, in order to get a reverse mortgage. I thought I could put her on later when she was old enough. I was never informed I couldn't do that after the fact. If I pass away my wife would probably get evicted since the house is upside down in relation to my loan balance. I know that there have been lawsuits in the past to protect a widow from eviction. Since 2014 a new law prevents such occurrences, but what about an existing reverse mortgage?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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A suriviving spouse living in the home is an exception to the due on death clause of the reverse mortgage. So if you pass away, she will continue to be able to live at the property until she passes away. However, after both of you have passed away, then the reverse mortgage will be due 6 months after both of you have passed away.
Answered on Mar 02nd, 2016 at 3:43 PM