CA wildfires

View claims guidance for borrowers affected by CA wildfires.

Back to Previous
1 Min. Read

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

Published
1 Min. Read
Placeholder

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.

Related articles

Placeholder
What kind of fees are involved?

Apart from mandatory reverse mortgage counseling costs and FHA insurance (on certain loans only), the fees for a reverse mortgage are generally the same as those for a traditional forward

Read article from What kind of fees are involved?
Placeholder
How am I protected?

The largest misconception around reverse mortgages is that they’re dangerous. The truth is that these products are highly regulated by the US government and come with strict consumer protections that

Read article from How am I protected?
Placeholder
What are the borrower qualifications for a reverse mortgage?

To be eligible for a reverse mortgage, you typically need to be a homeowner 62+. However, Finance of America also has an exclusive range of reverse mortgage options available in

Read article from What are the borrower qualifications for a reverse mortgage?