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CHICAGO (MarketWatch) – Facing foreclosure, the surviving spouses of three reverse-mortgage borrowers are suing the U.S. Department of Housing and Urban Development, the AARP said in a news release.
Before you apply for any reverse mortgage loan, you and your spouse or partner should seek a HUD-approved counselor to help you decide if a reverse mortgage is right for you. To talk to a HUD-approved reverse mortgage (HECM) counselor visit HUD’s counselor search page , or call HUD’s housing counselor referral line at (800) 569-4287.
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Reverse Mortgage Solutions, Inc. had found that the surviving spouses of reverse mortgage borrowers also qualified as borrowers and thus would have the right to remain in the home after the death.
The surviving spouse also must continue to meet the other requirements of a reverse mortgage holder, such as paying property taxes and insurance premiums. However, the non-borrowing surviving spouse cannot access the remaining loan balance, and the new rule protects only spouses who were married to the borrowing spouse at the time the loan was taken out.
With most married couples, a reverse mortgage after death is fairly straightforward: the couple jointly owns the home and completed the reverse mortgage application process together; in the event that one spouse dies, the surviving spouse becomes the sole owner of the home with the reverse mortgage.
The surviving spouse does have the option to sell the house and get rid of the mortgage. Keep this in mind for estate planning purposes, because your spouse may need additional funds, perhaps from life insurance proceedings, to pay for a new home if there is little or no equity in the home with the reverse mortgage.
Why Both Spouses Should Be Named on a Reverse Mortgage Lenders can foreclose after a borrower dies, even if the surviving spouse wants to stay. by Emily Sachar, AARP Bulletin, Updated December 2013 | Comments: 0
When your spouse got a reverse mortgage, without putting your name on the loan, you can be at risk of losing the home after your spouse dies. The FHA’s Mortgagee Optional Election assignment.