Question:

How are reverse mortgage rules applied in real life situations?

Answer:

There are often questions to ask when different situations arise and how reverse mortgage rules apply is good knowing.

What Reverse Mortgage Rules Say

  • My spouse is 60 and I am 67. Are we eligible for a reverse mortgage?

    Some lenders will allow it, but most will demand you stick to the rules - both partners have to be over 62 and you'd better wait a few years. Not only you will avoid a more complicated application process, but you will be entitled to greater cash amount.

  • We want to move to another state and we have a reverse mortgage.

    Well, according to common reverse mortgage rules, this loan will become due if all the borrowers move out for more than a year. You will have to repay the loan in full - either through sale, or find another way to pay off reverse mortgage debt.

  • We have a reverse mortgage and we want a divorce. What happens to the reverse mortgage?

    Well, if you knew you were having disagreements, you shouldn't have entered a loan together. According to the reverse mortgage rules, you can either sell the house and pay off your reverse mortgage, or keep the reverse mortgage in effect if one of you stays in the house.

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