What Married Couples Should Know About Reverse Mortgages
Reverse mortgages can be complicated to navigate before you know the facts. However, in reality, there are a number of rules set up to make these loans simple and safe for borrowers and their families.
We believe that the more you know, the more value you and your loved ones can gain from a reverse mortgage. Contact us at Citizens Lending Group today for more information on how reverse mortgages work for married couples as well as reverse mortgage requirements for seniors in California, Pennsylvania, and Florida.
How Reverse Mortgages Affect Married Couples
As you begin to learn all about reverse mortgages you will find that reverse mortgage rules require that the loan be repaid after the last borrower moves out of the home, or the last borrower passes away. In the past, some reverse mortgage lenders have used this to their advantage and try only to put the oldest borrower on the loan so that seniors can qualify for the loan before both spouses are over 62.
In the past, this often meant that this will allow the lender to require repayment of the loan sooner because the loan would be due when only the spouse listed as the borrower passed away. However, thanks to recent legislation, even if a spouse is not listed on the loan, the banks providing reverse mortgages are not allowed to foreclose on the home while the last living spouse remains in the home. These rules are in place to protect both borrowers and lenders.
Even with this protection in place, it is recommended that both spouses be included on the reverse mortgage loan. It is worth noting as well that the combined incomes of both spouses must be enough to cover the costs of upkeep such as maintenance and related taxes and fees.
In many situations, social security and retirement are not enough so one spouse opts to work a part time job in retirement. People may fear that this situation will negatively impact their chances when applying for reverse mortgages. However, this is not the case.
When to Explore Reverse Mortgages as a Married Couple
There are many circumstances when a reverse mortgage loan can be beneficial to senior couples. For example, when even one spouse begins to have unexpected health costs, a reverse mortgage may be able to help. While other forms of credit or loans may not be ideal for emergencies like these because of the monthly payments required or the short span of the loan, reverse mortgages simplify things by allowing you to borrow as long as you own your home with no payment due until you move or sell your home.
Other situations in which you need access to stable cash without the risk of one person bearing all the expense are also good times to look into a reverse mortgage.
Contact Us About Reverse Mortgages for Married Seniors in Pennsylvania, California, & Florida
If you would like to learn more, contact Citizens Lending Group in Pennsylvania, California, and Florida today. Our experts will help you determine if these loans are best for you and your spouse. We will account for all factors affecting you individually and as a couple.
If you live in Florida, Pennsylvania, or California and think that you and your spouse could benefit from a reverse mortgage loan, we are happy to provide more information to make sure you are well informed. Contact us today to learn more about reverse mortgage requirements.