5. The Name is on the Mortgage Matters
If you own your home jointly with your spouse, there's a real temptation to just list the older of the two of you on the reverse mortgage. After all, you can get little extra money that way. However, remember that you can only stay in your home as long as the actual borrower is living there. If only one spouse is named on the reverse mortgage, and that spouse should pass away or go into a senior living facility, the second spouse might suddenly find they have no place to live.
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