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New Regulations for Non-Borrowing Spouses Beneficial to All
Reverse Mortgages are a way to gain financial freedom and stability in the current financial climate. A married couple, 62 years of age and older, who live in their primary residence and have enough equity in their home can qualify for a reverse mortgage.
While the easiest way is for the couple to apply and sign for a reverse mortgage together as homeowners on title, there are ways to qualify for a reverse mortgage even when one spouse doesn't qualify for as a borrower for a reverse mortgage. An individual lender policy, enacted on February 19, 2013, as a safeguard for senior households with both a borrowing and non-borrowing spouse, this new policy ensures homeowners are aware of the rules and regulations when applying for a reverse mortgage. 
Very few companies still offer Reverse Mortgages for Non-Borrowing Spouses (NBS).
As per the new requirements, a non-borrowing must sit down with a licensed attorney, who will explain that upon the death of the borrowing spouse, relocation of the borrowing spouse from the primary residence, poor maintenance of the Property and the inability to keep up with payments on Property taxes, insurance, HOA/Condo or any other property charges, the loan must be fully repaid and the lender may ... more

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