Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage

But when only one member of a senior couple is the named borrower on a reverse mortgage loan, it can create a troublesome situation whereby the borrowing spouse dies and the remaining partner is.

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Below are 10 estate planning tips to keep in mind in order for you and your family to be better prepared for a natural disaster. Keep a copy of your critical documents in a fireproof safe, safety deposit box, or in the cloud in a password-protected folder that can be accessed outside of the disaster zone.

But credit card debt is only part of the problem — mortgage debt is a major. Trawinski says consumers have to be careful that they’re working with a legitimate credit counseling agency so that.

Q – Can the taxpayer just sell the relinquished property and put the money in a separate bank account, only. If the reverse exchange period exceeds 180 days, then the exchange is outside the safe.

The home is typically the largest asset between ex-spouses. If one spouse wishes to stay in the home, a reverse mortgage could benefit both parties. The reverse mortgage can eliminate the burden of making a monthly mortgage payment for the individual who chooses to continue to live in the home.

A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house.

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"If only one partner has a house. conflicts between children and the new spouse in the event that a parent passes away. The rules for prenups and postnups vary by state, and you should be.

That means when each spouse is age 50 or older, they can contribute $6,500 for each spouse for a total of $13,000, even when only one spouse has a paid job. Review your beneficiaries. Perhaps the most.

Forethought and careful planning are essential. A final alternative is using home equity through a line of credit, a reverse mortgage, or selling property outright in order to fund long-term care..

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