Non-Borrowing Spouse Protections Jumbo Reverse Mortgages Guide to HECM Loan Reverse Mortgage Limits If you’re looking to get started with a reverse mortgage, these articles can help guide you through all aspects of the process. The updated HUD non-borrowing spouse definition was designed to safeguard borrowers and protect the safety of the HECM program as a whole. According to these guidelines, “qualified” non-borrowing spouses are eligible to remain in the home after the borrower has passed, so long as they were married at the time of the application and continue to keep up with the obligations of the loan.
If one spouse is not listed as a borrower, the HUD mandate grants lenders the ability to defer foreclosure for non-borrowing spouses who meet certain requirements for case numbers assigned on or after August 2014. Homeowners who do not intend to stay married or jointly occupy the home as the Principal Residence.Remarried homeowners who would like to leave their estate to their biological children.They may still be included on the loan as a non-borrowing spouse, which may be a wise choice for couples who’d like to obtain a reverse mortgage as soon as possible, but there are other reasons a couple might have a situation with a non-borrowing spouse including: In most cases, a spouse is excluded from the reverse mortgage because they do not meet the age requirement (62). The definition of a non-borrowing spouse is stated within Mortgagee Letter 2014-07 guidelines which explain that a “‘Non-Borrowing Spouse” is defined as the spouse, as determined by the law of the state in which the spouse and mortgagor reside or the state of celebration, of the HECM mortgagor at the time of closing and who also is not a mortgagor.” In order to clarify the non-borrowing spouse definition and what it could mean for your situation, read through some of these most frequently asked questions about reverse mortgages. Guide to Non-Borrowing Spouses in a Reverse Mortgage To read more about eligible versus ineligible non-borrowing spouses and the protections they have with a reverse mortgage, click on a link below. Eligible non-borrowing spouses may receive a deferral period in order to remain in the home and avoid the loan becoming due. However, HUD has recently (2014-2017) taken steps to ensure non-borrowing spouses of reverse mortgages borrowers are protected. Usually, when the last borrower of a reverse mortgage passes away or the loan becomes due, anyone who lives on the property but is not listed as a borrower is required to leave when the home is sold. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.In some cases, a married couple may apply for a reverse mortgage with only one spouse listed on the property title and as the only borrower while the other partner is listed as a “non-borrowing spouse”. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising.
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