Several borrowers find themselves wanting or needing a reverse mortgage but having a spouse that is not old enough. All those on the loan with a reverse mortgage must be at least 62 years old. For the time being there are still a couple of lenders that will allow a non borrowing spouse. Not for long most likely. Getting a reverse mortgage with a non borrowing spouse is not advisable unless there is no other option and there is a plan to pay off the loan if the borrowing spouse passes away. If the borrowing spouse passes away and the non borrowing spouse does not qualify for a reverse due to lack of equity etc and cannot qualify for another loan to refinance the property then they will be forced to sell in order to pay off the lender. If the house has no equity left then the non borrowing spouse will be left without a home and with no money from the sale.
In the past lenders allowed non borrowing spouses as long as they would sign an agreement saying they understood the consequences. This changed after individuals and organizations like AARP began to file lawsuits claiming that the non borrowing spouses were not properly educated in regards to what would happen if the borrowing spouse passed away without them on the loan. Shortly no lenders will allow a non borrowing spouse and for good reason. Some who took out a reverse with a non borrowing spouse in the past may have also taken out a life insurance policy to cover the equity taken out from the reverse therefore covering the non borrowing spouse and allowing them to pay off the reverse in the event that the borrowing spouse passed away first.