How much more complicated with a reverse mortgage if my wife is on the original note (paid off) and she is 59?

I know she would have to be taken off the original mortgage and if I died 1st the loan would become due. She has a terminal lung disease and she feels she will go 1st and is determined to do it this way. What process should I take , is it advisable and what would happen if I would go before her. Any detailed info would be greatly appreciated.How much more complicated with a reverse mortgage if my wife is on the original note (paid off) and she is 59?
The best approach, unfortunately, is to take her off the title and obtain a reverse mortgage solely under your name.How much more complicated with a reverse mortgage if my wife is on the original note (paid off) and she is 59?
Your idea of a reverse mortgage is partially erroneous in that both of you can be placed on the mortgage and the loan would not be called due until both of you die. That is until probate occurs which is not until both of you die due to the unlimited spousal deduction. I could offer more help if you would like to e-mail me, however I feel that that is the answer you were looking for.
I am sorry about your wife having lung disease. I had a close family member 3 years ago pass away from lung cancer. If she is under age 62 and on title to the home she must be removed from title. The person who is over 62 will be the one eligible for the mortgage. Once the last person either dies or moves out of the home the mortgage must be paid off. This can be either by selling the property or your heirs can refinance the property and pay off the reverse mortgage. Just remember the older you are the more money you will be eligible to recieve from the reverse mortgage. For more information about reverse mortgages you can go to either AARP's web site or





www.reversemortgage.org





They have a calculator that you can use to see what you possibly could qualify for.