Workshop

    Name(s) *

    Email Address *

    Phone *

    Street

    City

    ZIP

    Mortgage Balance(s)

    Date(s) of Birth

    Tell me what you are trying to achieve:

    close

    Read Reviews from our Satisfied Clients!

    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 1537122

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    Reverse Mortgage Rules for Non Borrowing Spouses

    To qualify for a reverse mortgage, one must be at least 62 years.  In the past, when there was a younger spouse, the couple did not qualify for the HECM.  While it’s best for both husband and wife to both be on the loan, there are now protections for younger spouses.  The younger spouse has the right to remain in the home indefinitely during what’s called a deferral period if all the requirements are met. 

    In order for the Deferral Period to apply to a Non-Borrowing Spouse, the NBS must:
    1. Have been the spouse of the borrower at the time of loan closing and remain married for the duration of the borrowing spouse’s lifetime;
    2. Have been properly disclosed at origination and specifically named as a Non-Borrowing Spouse in the loan documents; and
    3. Have occupied, and continue to occupy, the property as the Principal Residence.

    Contact us for any updated guidelines.

    Facebooktwitterredditlinkedintumblr