If you and your spouse are thinking about getting a reverse mortgage, it’s important to understand how the loan could impact either of you over time, especially in situations where one spouse passes away, moves out for health reasons, or enters the picture later in life. These are real-life scenarios, and being prepared for them can make all the difference in protecting your home and peace of mind.

First, let’s talk about how eligibility works. The amount you can borrow with a reverse mortgage is based on the age of the youngest borrower. The older you are, the more you can typically access. That’s why, when both spouses are 62 or older, it’s usually a good idea to include both of them on the loan. If both names are on the reverse mortgage, the loan continues without interruption when one spouse passes away. The surviving spouse can stay in the home under the original terms until they no longer live there.

But there are other situations to think through. For example, what happens if someone gets a reverse mortgage and later remarries? Let’s say the new couple lives in the home together for many years. If the spouse who originally took out the loan passes away, the new spouse, who wasn’t on the loan, may not have the right to stay in the home. That’s why it’s crucial to consider refinancing and adding the new spouse to the loan if this situation applies to you.

There’s also the possibility that one spouse may need to move into assisted living due to health reasons. In that case, as long as the other spouse is still living in the home and is listed on the loan, the reverse mortgage remains active. The loan only becomes due when the last borrower leaves the home for 12 months or more, or passes away.

Reverse mortgages can offer great flexibility, but married couples need to be especially thoughtful. Talking with an experienced reverse mortgage specialist can help ensure that both spouses are fully protected and that no one is left in a vulnerable position down the road. A good lender should be ready to answer these questions clearly and make your long-term security their top priority.

Jan Jordan and Kelsey Jorck are Reverse Mortgage Specialists serving Fort Collins, Loveland, Greeley, Longmont, Dacono, Erie, Boulder, and surrounding areas across Colorado’s Front Range.  Click here to contact them and learn if reverse mortgage is right for you.