Unmarried individuals can certainly get a reverse mortgage on a property they own in their own name as a single individual.

Do you have to be married to get a reverse mortgage?

To be eligible for deferral of a reverse mortgage, you must be married and living in the home at the time the loan closes and still living in the home as your primary residence at the time the borrowing spouse passes or permanently moves to a medical facility.

Do both spouses have to be 62 for a reverse mortgage?

Under the new guidelines, both spouses are automatically considered to be parties to the loan, even if one is under age 62 and would not otherwise qualify for a reverse mortgage. That means there’s no requirement to repay the loan as long as they continue to live there, and it cannot be taken by foreclosure.

Can you rent a home that has a reverse mortgage?

Can I rent out a room in my house on which I have a reverse mortgage? Yes. Unless your homeowners association doesn’t allow it, you, as the primary owner and resident of the home, are free to rent a room or space to whomever you like.

Can a reverse mortgage be sold to a family member?

There are no restrictions on sales to family members or otherwise, just in the case of a balance of the reverse mortgage being higher than the value of the property and heirs wanting the lender to forgive the over value portion of the loan and still keep the property within the family.

What happens to reverse mortgage balance after death?

Heirs inherit the property will need to repay the outstanding reverse mortgage balance by either refinancing into a traditional loan of their own, or by selling the home within 12 months. Any remaining equity in the property will belong to the heirs. Can you lose your house with a reverse mortgage?

Is there a maximum amount of money you can get in a reverse mortgage?

Reverse mortgage borrowers are approved for a maximum loan amount or Principal Limit but how you take the money and how quickly you accrue interest under the program is entirely up to you. The more money you borrow and the earlier in the loan you borrow it, the more interest will accrue on the loan.

Who is the CEO of all reverse mortgage?

Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO™ has 40 years of experience in the mortgage banking industry. He has devoted the past 16 years to reverse mortgages exclusively.