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• The non‐borrowing spouse establishes legal ownership (or another ongoing legal right to
remain in the home) within 90 days of the death of the last surviving borrower
• The non‐borrowing spouse meets all of the obligations described in the original loan
documents.

So the risk of a younger wife (or husband) being forced out of their home after their spouse
passes has been eliminated from all reverse mortgage loans originated after August, 2014.

That’s the kind of important information that many reverse mortgage “salesmen” leave out of
their presentation, and that’s why it’s important to talk to Best Mortgage where you will get
“Honest Advice You Can Trust.”®

So the key fact to remember is that if you are married on the date that the reverse mortgage
closes, and you remain married for the life of the borrower on the reverse mortgage, you never
have to make any mortgage payments or pay off the loan as long as at least one of you is living
in the home as your “primary residence.”

We can even do reverse mortgage loans with brothers and/or sisters living together in the same
home. We have all of the occupants of the home sign the reverse mortgage loan documents
and the loan amount is determined by the age of the youngest sibling, just as we use the age of
the youngest spouse for a married couple. However, if you are not married, all borrowers must
be at least 62 years old and be included on the reverse mortgage loan documents.

And what about this scary headline?

• If you owe more than the value of your home, you or your heirs have to make up the
difference!

I covered this previously when I explained that the FHA HECM loan program is a “nonrecourse
loan” which means that neither you nor your heirs can be held liable to make up the difference
if the home sells for less than the reverse mortgage balance.

When the time comes that the last borrower on the reverse mortgage moves out of the home

(for more than 1 year) for whatever reason, you and/or your heirs have up to 1 year to sell the
home to pay off the reverse mortgage balance.

But the home does not have to be sold. If any of the heirs want to keep the home, they just
have to refinance to get a standard mortgage loan to pay off the existing reverse mortgage

Reverse Mortgage Truth Report ©Best Mortgage Inc. (425) 649‐6000 Page 5