Reverse Mortgage for an Unmarried Couple

Recently, a lady came to us for a Reverse Mortgage and wanted to add her significant other.  They had been living together for more than 20 years.  The home has been in her name alone.  She wanted to add him to title and get a Reverse Mortgage so either could continue living in the property if the other dies.  While the process of adding him to title and originating a Reverse Mortgage in both names is relatively easy, I recommended she consult a lawyer to be sure estate issues were arranged as she wanted them.

RM older unmarried couple

The process of separating the financial interests of unmarried borrowers is easy of both parties agree, but can be challenging if there is disagreement.  It would be important to arrange the estate succession properly so that if either one died first, the succession and beneficiaries of the estate were arranged per her wishes.  It would also be important to understand how this transfer might affect payment for long term care or other medical conditions, particularly if Medicaid became a payer.

I would be happy to speak with you regarding this option.  Please contact me at 303-469-1254.  For a listing of quality professionals I’ve worked with, please visit this page.