How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Pro Your Own Question
Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24869
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Type Your Real Estate Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

I have a reverse mortgage which is serviced by wells fargo

This answer was rated:

I have a reverse mortgage which is serviced by wells fargo who no longer offers them. I am the sole borrower on the loan. How do I make certain my share of the remaining home equity (after loan payoff) goes to my wife who is not on the home title any more?

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.

There is brand new law on this issue - it's been an issue for surviving spouses.

Is your spouse listed on the deed?
Customer: replied 3 years ago.

i believe so.

OK, problems have arisen for surviving spouses because only the deceased spouse is listed as a property owner on the deed. In other cases, couples opt to put a reverse mortgage in the name of the older spouse in order to maximize the loan’s proceeds.

Reverse mortgages, in contrast, require no repayments until they come due, when the borrower dies, moves or sells the house.

The amount you owe on a reverse mortgage grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases as the loan funds are advanced to you and interest on the loan accrues.

Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions.

Reverse mortgages can use up all or some of the equity in your home, and leave fewer assets for you and your heirs.

Almost all reverse mortgages have a “nonrecourse” clause, which prevents you or your estate from owing more than the value of your home when the loan becomes due and the home is sold. However, if you or your heirs want to retain ownership of the home, you usually must repay the loan in full – even if the loan balance is greater than the value of the home.

When an heir resides (which would be your spouse in your case) with the owner prior to death - they have 3 months and can extend that up to 1 year (if they can show they are making reasonable efforts to sell the house) to make a decision about paying off the loan or selling the property.ime limit from the start.

So, if you pass - the reverse mortgage comes due.

Your heirs may:


1) Pay the balance due and keep the home

2) Sell the home and use the proceeds to pay off the loan

Your heirs keep any excess proceeds from the sale just like any real estate sale.






Your positive rating of my service benefits my ability to continue to assist you and others like you. Thank you.

Please remember to rate my service. If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.
Law Pro and 9 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions