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We are considering a reverse mortgage. Our present mortgage…

We are considering a reverse...
We are considering a reverse mortgage. Our present mortgage loan is in my name only but the deed is in both myself and my wife. My question is how would that work as I have read the property is to be turned over when the last borrower leaves the [property ?
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Answered in 2 minutes by:
5/29/2017
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 30,031
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Good afternoon. Can you clarify what you are asking when you want to know how it works? Do you mean how a reverse mortgage works?

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Customer reply replied 9 months ago
IF I AM THE ONLY ONE ON THE LOAN, DOES THE HOUSE HAVE TO BE TURNED OVER TO THE BANK WHEN I PASS OR CAN MY WIFE STAY IN THE HOUSE UNTIL SHE PASSES?

Thank you and please allow me a moment

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You wife could be protected. HUD policy now states that for FHA-backed reverse mortgages issued on or after August 4, 2014, the non-borrowing spouse may remain in the home after the HECM borrower dies (and the loan repayment will be deferred) so long as:

  • the non-borrowing spouse is married to the borrower at the time of the loan closing (and remains married to the borrower for the duration of the borrower's lifetime)
  • their spousal status is disclosed at the time of the closing
  • the non-borrowing spouse is named in the loan documents
  • the non-borrowing spouse has occupied, and continues to occupy, the property securing the HECM as his/her principal residence
  • the non-borrowing spouse establishes legal ownership (or another ongoing legal right to remain in the home) within 90 days of the death of the last surviving borrower, and
  • the non-borrowing spouse meets all of the obligations described in the loan documents. (See HUD Mortgagee Letter 2014-07.)

If the non-borrowing spouse fails to meet any of the requirements, the loan becomes due and payable.

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