05/12/2022
Can you qualify for a reverse mortgage if a spouse is under 62 in Newport Beach CA?
I've got a story that people chuckle about. And back in the old days, not too long ago, by the way, if we had somebody that was 62 years old and a spouse that wasn't, generally that spouse would come off the title. But if something happened to the older spouse, generally his income or social security is gone as well. She's receiving generally the greater of the two Social Security. So she wouldn't be able to have enough money to refinance. So she would sell the house. Now she's on the street. That's all changed. Now it's called a nonborrowing spouse. And here's the story. One evening, I get home late, my wife made dinner and I didn't call her and I get home and she says, you didn't call I made dinner. I said, Oh, honey, I'm sorry, that I had a client come in at 530. And thank God, Frank, my assistant stayed late to help with the kids. My wife says, help with the kids, you deal with seniors. I said, Well, here's the story. Ollie's 71 and his wife, 38, had four boys under five years old. True story, God bless them. So they have a home, and they wanted a reverse mortgage. And because of the nonborrowing spouse issue, we were able to make the loan. And when Ali does pass, his wife and the boys will be able to live in the house for the rest of their life without making a mortgage payment. Now, before we close the loan, the underwriter wanted to see the wedding certificate and marriage certificate. So I thought she might have been a mail-order bride. And I was right. Because she was from Lebanon. All Lee paid a dowry to her father of 5000 American dollars, two ounces of gold, and two goats. So they can't make a story like that. Up. And it's just the fun stuff that you see in real life. You know, I had another husband and wife. She was the one that called me the house was in foreclosure. And we were able to stop the foreclosure on the house. So she didn't lose the house. And the backstory is her husband, Earl had a great job for years working for Rolls Royce. And they make engines and the company makes all kinds of stuff. We had a great job. But he lost his job. when things were bad and own 910 right in there and couldn't get a job. I think he went through a heart attack might have had a stroke, then, you know, then he getting a little bit of disability. Anyway, when she called me, I was able to stop the foreclosure, but he was in the hospital, and they couldn't figure out what was wrong with Aurora. So we were able to put the loan together. And she says, Well if we're gonna sign the docs, can you send the notary to the hospital because that's where he is. And I said, Sure, so Friday night, the notary meets them at the hospital. Earl's able to sign the paperwork. So, Saturday she goes to the hospital Earl's getting a little bit better. Sunday, she doesn't go because she said I went to church, I didn't visit her on Monday, and she gets the call. And he had some kind of blood infection is all they can figure out. But she gets the call. And then she calls me and says, I gotta tell you about Earl and I was thinking, Oh, heaven. You know, I thought she was gonna tell me the worst. But the nurse called her and said, Earl, has miraculously gotten better. And we think we're going to send them home this week. So I can only imagine the stress of losing the house, going through the health problems, almost losing the house, and we found out that the house was safe. All of a sudden he started getting better. And if I said stress kills, I think it does. But next thing you know grows out of the hospital house is saved and everybody's good.
I've got a story that people chuckle about. And back in the old days, not too long ago, by the way, if we had somebody that was 62 years old and a spouse tha...
