One thing that is often on the minds of seniors is what happens to them if their spouse suffers some kind of medical hardship and isn’t able to live in the property anymore. One of the great things about the Reverse Mortgage is that you will always get to remain in your home regardless of what happens with your spouse.

When you take out a Reverse Mortgage you and your spouse will both be on title to the property and you will both be on the loan. Because FHA is looking out for the interests of seniors with this product they have built in a provision to the Reverse that allows either spouse to remain in the property if the other spouse has to be hospitalized, placed into a care facility, or passes away. As long as one of the spouses lives in the property as their primary residence they will always be protected and always be able to remain in the home.

The only exception to this rule is if you two people on title to the property are not married. For example a man and his father-in-law both live in a house and are both on title to the property. The two of them can enter in to Reverse Mortgage together and receive the majority of the benefits associated with the Reverse. However, since they are not married if either one had to leave the property permanently the loan could become due and payable.