Solutions to a Reverse Mortgage with a Non-Borrowing Spouse

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Solutions to a Reverse Mortgage with a

Non-Borrowing Spouse

It doesn't always happen but it can. You are becoming increasingly impoverished during retirement under the crushing weight of mortgage payments, medical bills and other unexpected expenses. 

You consider a reverse mortgage because you are 62 years of age and older, live in your primary residence and have enough equity in your home in order to qualify.

One problem though, your spouse donesn't qualify for the reverse mortgage.


  • They are younger than 62. 
  • They are younger than you are, possibly affecting the amount of money you are eligible to receive.


One possible solution can go ahead with the loan application and remove your spouse from the title of the house so that only you apply for the reverse mortgage. However, you both must be aware of the consequences if the non-borrowing spouse should outlive you because they will be responsible for paying off the loan to the lender, either by selling the house or some other means. Safeguards have been put in place, such as reverse mortgage counseling, in order to rise awareness. 

Another solution get a life insurance on the older spouse so there are enough funds to cover the reverse mortgage loan should the borrowing spouse pass away. While possibly expensive, in the long run, it might be a saving grace for non-borrowing spouses who wish to say in their homes.

The final solution simply wait until both spouses qualify for the reverse mortgage. Granted, your financial needs aren't too pressing and future regulations on the reverse mortgage don't change current program requirements.

***Future regulations don't affect reverse mortgages already in place but do affect those who planned to get a reverse mortgage but have yet to get one, , which is why I suggest not to wait.****

PS Financial Services is a reverse mortgage specialist dedicated to finding the best lender for each senior homeowner. Give us a call at (888)845-6630 to determine if a reverse mortgage is right for you.

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC


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Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
Ask Me About the NEW Reverse Mortgage Program!