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need a reverse mortgage

I am 63 and my wife in 60. Can we qualify for a reverse mortgage if we are both on the loan? by john.porter431 from Ocean Park, Washington. May 25th 2016 Reply


Christopher Stancato (Kyle Stancato)
#3 ranked lender in Washington - 59 contributions

That is a great question. If you call my Reverse Mortgage Specialist Marc at 253-460-6000 he can help you out. He is great on this program. Talk to you soon,Kyle

May 25th 2016
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Robert Hardy (rob.hardy@apmortgage.com)
#94 ranked lender in Washington - 13 contributions

Hi John.. The answer is yes to your question. You both can qualify for a reverse mortgage but only you would be on the loan and title of the property. Meaning they would base the amount of the reverse mortgage on the younger spouse's age. Sound like you've done some research.. Feel free to reach me if you'd like more information. I'd be glad to help!!Rob 425.242.3658

May 25th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

No.. but you would qualify since your 63, however, your wife cannot be on the loan or the deed.. But there are ways to secure her position and ownership rights via will's or trusts.. This is why I always advise folks to seek out a local professional who specializes in Reverse Mortgages.. the information can be confusing and loan officers who "Dabble" in RM's can come off sounding like they know what they are talking about, when in realty they have no clue.. The rules are very clear.. you must be 62 or older to qualify for a RM.. and you cannot add your younger "non-qualifying" spouse to the deed after the RM closes.. this would trigger a "due on sale" clause.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 26th 2016
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Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 516 contributions

I agree with Mr. Hardy's reply. Since your spouse is under the eligible age of 62, the calculations will be based on your spouse. She will not be allowed to be on title or the loan. Since the recent rule changes again and additional new paperwork, she will be protected should something happen to you prior your spouse being eligible age. Movement Mortgage has a reverse mortgage division and we do lending in WA.

May 26th 2016
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