Posted on: 28th Dec, 2013 05:36 pm
my husband and I have legally separated, he is 62 and I am 60. He wants to get a reverse mortgage on the marital home in which I have 50% interest what are my rights regarding a reverse mortgage?
He would need to be 62 to be eligible for a reverse mortgage.
Hi patty,
He can get a reverse mortgage on the property because he is 62 years old. However, as you are not 62, you will have to remove your name from the property deed (if your name is on the deed). In that case, you will lose your rights to the property.
Thanks
He can get a reverse mortgage on the property because he is 62 years old. However, as you are not 62, you will have to remove your name from the property deed (if your name is on the deed). In that case, you will lose your rights to the property.
Thanks
Since your husband is 62 years old, he will be eligible for a reverse mortgage. But, since you are 60 years old, you will have to remove your name from the loan contract.