Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

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 ?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 2 minutes by:
5/29/2017
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 33,355
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified

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

Ask Your Own Real Estate Law Question

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?

Ask Your Own Real Estate Law Question
Customer reply replied 1 year 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

Ask Your Own Real Estate Law Question

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.

RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 33,355
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified
RealEstateAnswer and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask RealEstateAnswer Your Own Question
RealEstateAnswer
RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,355
33,355 Satisfied Customers
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases

RealEstateAnswer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
Both husband & wife are on the deed of home & there is no
Both husband & wife are on the deed of home & there is no mortgage. I want to keep it that way. How can I prevent a loan, reverse mortgage, line of credit or my home ever being used as collateral for … read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
We have a reverse mortgage, taken out in 2006, on which I am a non signing spouse. Per th
We have a reverse mortgage, taken out in 2006, on which I am a non signing spouse. Per the HUD Mortgagee Letter 2015-15, should my husband pass away before I do, I should be able to remain in the prop… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,543 satisfied customers
My father recently passed away. He had a reverse mortgage.
My father recently passed away. He had a reverse mortgage. In Michigan there is a non-borrower program so the spouse can stay in the house. I have to to get a title search. The problem is when he got … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I spoke with Ray a few months ago concerning my ability to
I spoke with Ray a few months ago concerning my ability to get a reverse mortgage. I filed a quit claim deed to get my property in my name. I have a disabled daughter and I had originally put everythi… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
I'm a disabled senior citizen with a 51 year old daughter.
I'm a disabled senior citizen with a 51 year old daughter. We have two homes on acreage that will appraise for about $625,000. We have everything I my daughters name but are considering having a quit … read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
My 95 yo mother wants to do a reverse mortgage on her home
My 95 yo mother wants to do a reverse mortgage on her home in Atlanta ga she has a current o mortgage of 78 k on her home (n which she I adn I BOTH live, It is worth 500k But she wants to leave the ho… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
i have a certificate of satisfaction and the a deed of trust
i have a certificate of satisfaction and the a deed of trust for my house with only my self and my wifes name on it showing clear but there is still a promisary note on it what do i do… read more
Andrea, Esq.
Andrea, Esq.
Attorney
Post-Doctoral Degree
10,512 satisfied customers
I am divorced. Both my ex-wife and I have two properties that
I am divorced. Both my ex-wife and I have two properties that we jointly own. Prior to my divorced, my ex-wife and I decided for us both to keep two of our properties. We our both co-borrowers on both… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,543 satisfied customers
Please advise if two unmarried Olmsted County Minnesota joint
Please advise if two unmarried Olmsted County Minnesota joint deed holders one age 72 and one age 70 are eligible for a reverse mortgage?… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
If two people are listed as borrowers on a home mortgage, will
If two people are listed as borrowers on a home mortgage, will the mortgage show up on both borrowers credit report ?… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,567 satisfied customers
I have a reverse mortgage which is serviced by wells fargo
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… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My husband refinanced the home he had a loan on prior to meeting
My husband refinanced the home he had a loan on prior to meeting me (refinanced personal debts, loan for paying off ex-wife and the balance of the loan), I did not sign the papers as a borrower but si… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
Hi, my wife owns a property in Idaho that she bought before
Hi, my wife owns a property in Idaho that she bought before we got married that she is currently trying to sell as a short sale. It was her primary residence at one point but was converted to a rental… read more
BartEsq
BartEsq
Attorney
Doctoral Degree
674 satisfied customers
Hi there, I have a very unique and exciting opportunity to
Hi there, I have a very unique and exciting opportunity to purchase a home by just taking over the payments of a reverse mortgage when they become due on my elderly bosses home. I am completely unfami… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
Im 62 years old and thinking of getting married to a 71 year
I'm 62 years old and thinking of getting married to a 71 year old man. I own a home in Northern California. My mortgage is paid off. My property is appraised at 1 million dollars. The man I'm about to… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
My wife and I own 2 homes. 1st home is our primary residence.
My wife and I own 2 homes. 1st home is our primary residence. This home has one mortgage and we are current on our payments. 2nd home is a rental property. The 2nd home has a 2nd mortgage. We lose abo… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I am married, live in Florida and we own a condo. The loan
I am married, live in Florida and we own a condo. The loan is only on my wife's name (she's the only signer of the promissory note) but the deed shows both our names. This condo is in foreclosure now.… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Husband purchases a rental property in his LLC name (AZ Community
Husband purchases a rental property in his LLC name (AZ Community Property State). Wife does not want any potential liability, so she records a disclaimer deed and husband records, I believe, a warran… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,856 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x