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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- Fall '10
- Mortgage loan, spouse, Assisted living, reverse mortgage