What If I Marry Someone Who also Has a Reverse Mortgage

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Don't laugh. Romance among seniors is more common than most people think. What with today's divorce rates, people staying single longer, and everything from cell phones to nonstick pans causing cancer, it's no wonder there are a lot of sexy single seniors. If two seniors with reverse mortgages want to marry (or live together) they have two main choices:

1 One spouse can give up his or her reverse mortgage by paying it off (if one of you is selling your home to move in with the other this makes perfect sense). The only hazard here is that the other's reverse mortgage becomes due when he or she dies, regardless of who's still occupying the house.

1 You can each pay off your loan (an especially good idea if you're buying a new home together and both selling your homes, making it possible to put a lot of money down on the new home) and enter into a new reverse mortgage together.

What you can't do is add one onto the other's loan. Since each reverse mortgage is tailor-made to a specific person, it isn't possible to throw another resident into the mix and keep the loan as-is.

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