I can understand that a lot of people were hesitant if their spouse was under 62 to apply for a Reverse Mortgage. Many people feared the fact if they pass away what will happen to their spouse. Many questions arise such as: Will my spouse be kicked out of our home when I pass away? What options will my spouse have?
Reverse Mortgage Age Requirement: 62 and Up Not Required for Spouse
Fortunately, for all of us the FHA has implemented a new guideline that will allow any spouse that is under 62 to be added to the loan as a non-borrowing spouse.
I must say this business has changed greatly throughout the years and this has been one of the best changes that could have happened. If you were ever contemplating if a reverse mortgage is right for you, well I hope that I have brought your fears to rest.
Here is the link to the new guideline. I hope you enjoy the read! Here is an excerpt:
Any questions regarding this Mortgagee Letter should be directed to the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at (800) 877-8339. For additional information on this Mortgagee Letter, please visit www.hud.gov/answers.
Read more: http://portal.hud.gov/hudportal/documents/huddoc?id=14-12ml.pdf