Posted on: 09th Jan, 2014 12:19 am
We are planning to take out a reverse mortgage. On a reverse mortgage, is it mandatory for both the husband and the wife to be on the title?
Hi Katiey,
No, it is not mandatory. If husband and wife both are of 62 years of age or more, then both of you can add your names to the property deed/title.
Take care
No, it is not mandatory. If husband and wife both are of 62 years of age or more, then both of you can add your names to the property deed/title.
Take care
No, it is not mandatory for both the husband and the wife to be on the title.
I do believe that both have to be of qualifying age to get the reverse mortgage if both are living in the home - It has been a while so ask when you apply I may be wrong -
Reverse mortgages are great however most people think it is just an age requirement - that is incorrect - you must be of age and have the equity to sustain the payment - at 62 (min age) you need 50% roughly in equity - the older you get the lower the percentage - it is all based on life expectancy
Good Luck
Brian
Reverse mortgages are great however most people think it is just an age requirement - that is incorrect - you must be of age and have the equity to sustain the payment - at 62 (min age) you need 50% roughly in equity - the older you get the lower the percentage - it is all based on life expectancy
Good Luck
Brian
