Reverse mortgages have become an incredible olive branch extended to the retired community from the federal government. They have been a great source of relief and financial padding for seniors that are looking for more support. The best thing about it is that it resolves the question of lifestyle costs for seniors as well as loan repayment for the extended family after someone has passed away.
However, many seniors are not living in their retirement on their own. They are spending their days with loved ones: children, grandchildren, great-grandchildren, and most likely of all – their significant others.
Whether it is a spouse or partner, these are very important relationships that provide a sense of comfort and intimacy we all need in our lives. You probably think about how different your life would be without them. However, reverse mortgages can act as an aid to your spouse or partner in the event they survive you in retirement along with its many other benefits.
It can be a hard thing to think about but life planning in retirement tends to include some to-dos for after you have passed. One item on the docket is settling any pending loans or overdue balances. That is a huge benefit of reverse mortgages. Not only do they allow you to stay in your home, but they also can provide you with the cash payout or payments to close out those remaining balances before anyone else has to get involved. This can alleviate a big portion of stress on your extended family as well.
Support For Surviving Co-Borrowers
Another great thing about reverse mortgages is that they can also benefit your spouses. If you and your spouse (or any eligible individuals) decide to co-borrow this can provide an extra element of security, especially if you share concerns about one of you surviving the other. Co-borrowing essentials allow either one of you the same benefits of the reverse mortgage even if you pass away. The remaining co-borrower would just need to continue with the ongoing payments already determined by the loan; this would include things like property taxes, insurance, utilities, etc).
Potential for Surviving Partners
Outside of spouses and co-borrowers, there is also a possibility for support for partners and/or any other non-borrowing occupants. While this would need to be determined by the lender, there are scenarios in which other residents of the home may remain there as long as certain terms are met.
Be sure to speak with your lender or Idaho reverse mortgage expert on the details of these options to see if it could benefit your situation or if your partner should sign on as a co-borrower.