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fanitei · Joined: 12 Oct 2008 Posts: 1 1.89 Dollars($)

I am 64 and my wife 44 years old. If she transfer her ownership rights of our house to me in entirety, so becoming myself sole owner of the house, then can I apply myself for a reverse mortgage, as long as my wife is not owner anymore?
What is the solution in this case ?

smithsussane · Posted: Sun Oct 12, 2008 8:16 pm Post subject:

Hi fanitei!

Welcome to Forums!

Yes, once the property is in your name, then you can definitely apply for a reverse mortgage. Your wife can transfer the ownerships rights to you with help of a quitclaim deed.

Feel free to ask if you have further queries.

Sussane

brian1 · Posted: Sat Oct 25, 2008 5:24 pm Post subject:

Before you go that route do you have enough equity in the home to qualify for a reverse? At your Young age you will to only owe between 30-40% of the homes value to qualify.

Good Luck
Brian

raymond · Posted: Sat Oct 10, 2009 12:06 pm Post subject:

>>What is the solution in this case ?

The solution is to make sure she can refinance it into her name if you Pass first. The best way to do that is with a Living Trust and Life Insurance.

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