What is a non-borrowing spouse, and how are they affected by a reverse mortgage?

A non-borrowing spouse is the spouse of the reverse mortgage borrower who is not named as a borrower on the loan. Spouses may not be on the loan for various reasons, such as not meeting the age requirement or for other financial planning reasons. If the borrowing spouse passes away, eligible non-borrowing spouses can remain in the home without repaying the loan, provided specific conditions are met, such as maintaining the home as their primary residence and keeping up with property taxes and insurance. To be considered eligible, non-borrowing spouses must be listed as such on the mortgage.