Posted on: 18th Mar, 2011 07:04 am
My mother is over 62 and is married to a man who is not yet 62. She is requesting her children's help in obtaining funds for getting a reverse mortgage, she needs $12,000. Her children (before giving her money) want to ENSURE that this money never benefits her husband, who has treated her quite poorly and is a terrible manager of money. Once he turns 62, is there any way to PREVENT him from adding himself to the reverse mortgage? If he can add himself then he benefits, once she dies, and we don't want this. Hope this question makes sense.
Hi BBR,
If the person's name is not mentioned on the property deed, then he won't be able to add his name to the reverse mortgage. You will have to ensure that the person's name is removed from the property deed.
Thanks
If the person's name is not mentioned on the property deed, then he won't be able to add his name to the reverse mortgage. You will have to ensure that the person's name is removed from the property deed.
Thanks
>>once he turns 62, is there any way to prevent him from adding himself to the reverse mortgage?
no. 90 days before he turns 62 they can start the refinance process, and the day after he turns 62 they can sign the final loan documents, adding him to the reverse mortgage.
no. 90 days before he turns 62 they can start the refinance process, and the day after he turns 62 they can sign the final loan documents, adding him to the reverse mortgage.
