Can You Get A Reverse Mortgage If You Don’t Own A Home

The answer to the above question is no, you cannot do a reverse mortgage on a home you do not own?  Your home must be your primary residence and the home must be titled in your name, in other words, you must be the owner.

However, suppose you live in your home and you think you own it, because you have been making the payment for over 3 years, such as  the case of our 84 year old client, Mr.C.  You see, Mr. C had a son who died 3 years earlier.  Mr. C. had been paying his share of the mortgage even before his son died.  But, after Mr.C’s son died, he continued to make 100% of the mortgage.  Mr. C thought he owned the house, until he applied for a reverse mortgage.  The title search showed that Mr. C’s son still owned the house.

Mr. C was also survived by his deceased wife.  However, he had no proof that his wife had died and therefore, may have claim to their deceased son’s assets (home).  Also, Mr. C did not have  proof of his son’s death.  Challenging, as it was, we are able to assist Mr. C by getting his son’s death certificate and his wife’s death certificate, who had died many years earlier, five states away.   Having gotten the proof needed,  the title company proceeded in probate court to have the title deeded  into  the name of Mr. C.  Now Mr. C was considered the legal owner of the home and now the process to get Mr. C a reverse mortgage could proceed.

Many things are possible if you work with a professional who has the patience and ability to work with you.