I've read a couple of articles showing that younger spouses (spouses who are not yet 62 years old) are now protected by the new Reverse Mortgage ruling.
The old rule - both spouses need to be 62 years old at the time they take the reverse mortgage loan, so they are protected by the ruling to 'live in the house till death'. If only one spouse is 62 and the other spouse is let's say 50 years old, if the older spouse pass away, the younger spouse will need to vacate the house or get kicked out.
The new rule - If one spouse is eligible to get a reverse mortgage (spouse is 62 years old), then even the younger spouse who is not 62 is now protected from getting kicked out in the event the older spouse pass away. I think this is a good deal for spouses with a big age gap. So if your wife or husband is only 45 - 50 years old and you're 62, they are now protected under this new rule.
New Rule: Spouses Not Named on Reverse Mortgages Are Protected From Foreclosure | Nolo.com
The old rule - both spouses need to be 62 years old at the time they take the reverse mortgage loan, so they are protected by the ruling to 'live in the house till death'. If only one spouse is 62 and the other spouse is let's say 50 years old, if the older spouse pass away, the younger spouse will need to vacate the house or get kicked out.
The new rule - If one spouse is eligible to get a reverse mortgage (spouse is 62 years old), then even the younger spouse who is not 62 is now protected from getting kicked out in the event the older spouse pass away. I think this is a good deal for spouses with a big age gap. So if your wife or husband is only 45 - 50 years old and you're 62, they are now protected under this new rule.
New Rule: Spouses Not Named on Reverse Mortgages Are Protected From Foreclosure | Nolo.com