Personal Finance

With a couple, both owners must be 62 to qualify for a reverse mortgage. If both owners are 62 or older and one leaves for whatever reason, the loan need not be paid back until the other owner also leaves. If the couple has the funds to pay off the loan, they can do so and keep the house. If, however, the only option is to sell the house, then the younger spouse is out of luck. She has to move to new housing. If one owner is younger than 62, he or she must be removed from the title before the other can obtain a reverse mortgage. Therefore, if the remaining owner leaves the property permanently, the loan becomes due and payable.