Protecting Both Spouses and Planning for the Future

If you and your spouse are considering a reverse mortgage, it is important to understand how it can affect both of you now and in the future. Reverse mortgages can be a powerful financial tool for seniors, but knowing how they work for married couples ensures that both spouses are protected for the long term.

How Reverse Mortgages Work for Married Couples

When you apply for a reverse mortgage, the amount of money you can receive is based on the age of the youngest borrower. The older the youngest borrower is, the more equity you can access.

If both spouses are over 62 and both are listed on the reverse mortgage, the loan continues even if one spouse passes away. This allows the surviving spouse to remain in the home without worrying about immediate repayment as long as property taxes, homeowners insurance, and home maintenance are kept up to date.

Special Considerations for Spouses

If One Spouse Remarries

If a homeowner takes out a reverse mortgage and later remarries, the new spouse will not automatically be protected under the original loan. This can become a serious issue if the borrowing spouse passes away many years later. In this situation, refinancing the reverse mortgage to include the new spouse can provide important protection.

If One Spouse Moves to Assisted Living

Sometimes, one spouse may need to move into an assisted living facility due to health reasons. As long as the other spouse continues to live in the home and is listed on the loan, the reverse mortgage remains in place without issue.

Why Spousal Protection Matters

The key takeaway for married couples is that both spouses need to be considered in the planning process. A reverse mortgage can provide financial flexibility, but without proper planning, a surviving spouse could face unexpected challenges. Working with an experienced reverse mortgage specialist ensures you understand your options and secure the right protections for your family.

Work With a Trusted Reverse Mortgage Specialist

If you are married and considering a reverse mortgage, partner with a professional who can clearly explain how it will impact your future. Protecting both spouses should always be a top priority.

Kevin Guttman is a Certified Reverse Mortgage Professional (CRMP) serving seniors across Colorado including Colorado Springs, Denver, and the Front Range. Contact Kevin to see if a reverse mortgage is right for your family and get all your questions answered with confidence.

The Reverse Mortgage Process Simplified

  1. Free Consultation: Discuss goals with Kevin Guttman.
  2. HUD Counseling: Mandatory impartial session.
  3. Application Submission: Complete and submit documentation.
  4. Home Appraisal: FHA-approved property valuation.
  5. Underwriting: Approval and loan processing.
  6. Closing: Sign official documents.
  7. Receive Funds: Obtain loan proceeds as arranged.

Why Denver Seniors Choose Kevin Guttman, CRMP

  • 15+ years of specialized experience.
  • Certified Reverse Mortgage Professional (CRMP).
  • C2 Financial’s top Reverse Mortgage Producer.
  • 100+ Five-Star reviews and BBB A+ rating.
  • Age-Friendly certification by BBB.
  • Three-time Amazon Bestselling Author.

Ready to Get Started?

Contact Kevin Guttman today for personalized guidance and discover if a reverse mortgage is right for you:

Explore your options confidently and secure a comfortable, financially stable retirement with Kevin Guttman, Denver’s trusted reverse mortgage expert.