Does my spouse and I both need to be at least 62?

The government recently changed the rules on a reverse mortgage where both spouses are no longer required to be on the reverse mortgage. As long as the surviving spouse keeps on paying insurance, property taxes, home maintenance costs and HOA fees (if applicable), the reverse mortgage will allow the spouse to stay in the home as long as certain conditions are meet.

• the non-borrowing spouse is married to the reverse mortgage borrower at the time of the loan closing and stays married to the borrower for the duration of the borrower's lifetime
• their spousal status is disclosed at the time of the closing
• the non-borrowing spouse is named in the loan documents
• the non-borrowing spouse establishes legal ownership (or another ongoing legal right to remain in the home) within 90 days of the death of the last surviving borrower, and
• the non-borrowing spouse meets all of the obligations described in the loan documents. (See HUD Mortgagee Letter 2014-07.)