Posted on: 30th Apr, 2010 03:48 am
My husband battled Bladder Cancer for 7 years but he's now thankfully Cancer Free. Because of complications though he was forced to retire at the age of 62 due to Kidney complications. Although he survived Cancer the medical bills left us in unimaginable financial ruin and we were facing foreclosure. The only option we had to keep our house was a Reverse Mortgage. Because I am only 54 my name had to be taken off the title of our home in order to do this. This has caused me a considerable amount of stress. If something were to happen to him there is no way I could finance my home. I would have no other option other than to try to sell. My concerns are if I'm even legally able to do this since I'm not on the title? We are working on making out Wills for both of us. Is leaving me the house in his will all that's necessary? I'm concerned as I've been told probate can take some time. If something were to happen to him can I legally sell our home before probate is complete? Is a living trust an option for me? I certainly don't want any thing to happen to my husband but his health is very poor. This is very stressful for both of us and we can't afford an attorney. I'm going to look into the cost for a Paralegal to see if that's an option. If anyone can offer me some advice or direction I would be so greatful! Thank You
Hi karen,
It's really good to note that your husband is Cancer free now :-) Congratulations!
As you do not meet the age requirements, you will not be able to place your name in the property deed when you take out a reverse mortgage. Your husband can leave the property to you in his will. After his death, you will have to probate the will and get the property transferred in your name. Then you would be able to sell off the property and pay off the reverse mortgage. If you want to retain the property, then after the property transfer is complete, you will have to refinance the loan in your name.
Thanks
It's really good to note that your husband is Cancer free now :-) Congratulations!
As you do not meet the age requirements, you will not be able to place your name in the property deed when you take out a reverse mortgage. Your husband can leave the property to you in his will. After his death, you will have to probate the will and get the property transferred in your name. Then you would be able to sell off the property and pay off the reverse mortgage. If you want to retain the property, then after the property transfer is complete, you will have to refinance the loan in your name.
Thanks