Non-Borrowing Spouse Protections

If your spouse is younger than 62, they may not qualify as a co-borrower on a HECM. However, they can be listed as an Eligible Non-Borrowing Spouse. This means they are protected and can remain in the home even if the borrowing spouse passes away or moves to a care facility, provided they continue to meet the loan's requirements (like paying taxes and insurance).

Requirements for Protection

• Must be married to the borrower at the time of loan closing.
• Must be specifically named as a Non-Borrowing Spouse in the loan documents.
• Must continue to occupy the property as their principal residence.

A reverse mortgage is a loan secured by the home. Borrowers remain responsible for taxes, insurance, property maintenance, and complying with loan terms.