Real estate Q&A: Don’t leave spouse off reverse mortgage - Press of Atlantic City: Southern New Jersey Real Estate - PressofAtlanticCity.com

Real estate Q&A: Don’t leave spouse off reverse mortgage

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Posted: Thursday, January 3, 2013 4:59 pm

QUESTION: My wife and I are considering a reverse mortgage to pay off our existing conventional loan and receive a few dollars to make repairs. We have a fixed income and are looking forward to living in the house for the rest of our lives without having to make payments. Because I am several years older than my wife, the lender is telling us that we can take out more money if we leave her name off the mortgage. Is it a good idea?

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