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Reverse Mortgages sick - property and you will also...

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Reverse Mortgages – What Happens if Become Ill? A reverse mortgage gives you the advantage of staying in your home. However, with a reverse mortgage you relinquish the option of selling your home or getting a mortgage loan. One thing that is usually on the minds of senior citizens is the question of what happens in the event of an illness that may require hospitalization or a move to an assisted living home. If either spouse suffers some kind of medical hardship and is unable to live in the property, with a Reverse Mortgage you can still remain in the home, as long as one spouse is still able to reside at home. One of the most wonderful features about having a Reverse Mortgage is that you will always have the chance to stay put in your home in spite of of what happens with your husband or wife. Once you sign up for a Reverse Mortgage you and your spouse will both be on the title to the
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Unformatted text preview: property and you will also together be on the note. The Federal Housing Administratio n is looking out for the welfare of senior citizens when it comes to a Reverse Mortgage. With this type of mortgage, FHA has built in a provision to the Reverse Mortgage that allows either spouse to stay behind in the property even if the other spouse has to be hospitalized, placed into an assisted living facility, or passes away. As long as one of the two spouses lives in the home as their main dwelling, they will always be protected and always have permission to live in their home. The lone exclusion to this statute is if the two people on title to the property are not married. If the two residents are not married and if either one had to leave the property permanently the loan could become due and payable....
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