
IF YOU ARE MARRIED, WILL YOUR SPOUSE BE A CO-BORROWER ON YOUR LOAN?
Borrowers must be at least 62 years old, named on the home’s title, and use the home as their primary residence to qualify for a HECM reverse mortgage.
Spouses who do not match these criteria will be designated as either an eligible non-borrowing spouse or ineligible non-borrowing spouse based on certain additional criteria.
You should discuss the non-borrowing spouse criterion with your HUD-approved reverse mortgage counselor.
What if your co-borrower spouse survives you?
If both spouses are borrowers, the HECM reverse mortgage features are equally applicable to both spouses, even if one spouse outlives the other.
What if your eligible non-borrowing spouse survives you?
When the borrower dies, an eligible non-borrowing spouse who meets the qualifications may be able to defer loan repayment and continue living in the property. Still, they will not receive any residual loan proceeds and must continue to meet the loan’s obligations.
What if your ineligible non-borrowing spouse survives you?
A non-borrowing spouse who is ineligible would not be allowed to defer the reverse mortgage loan repayment.