A customer in Springfield asked whether they could obtain a reverse mortgage if the house is solely in their husband's name. The answer varies depending on the situation. If both individuals are over 62 and living together, it is advantageous to apply as co-owners. If only one person is on the title, the surviving spouse may have to leave the home if the other passes away. Therefore, the title issue is the first thing to check before applying. It should be addressed before preparing any documents.

A reverse mortgage is a product for homeowners aged 62 and older. It allows them to borrow against the equity in their home. Payments are not made monthly; instead, the lending institution provides funds. Borrowers can choose from a lump sum, monthly payments, or a line of credit. The loan must be repaid when the home is sold, the owner passes away, or they no longer live in the home. The HECM, insured by the FHA, is the primary product and the only type of reverse mortgage backed by the federal government.

The median home price in Springfield was $665,000 as of March 2026 (according to Houzeo). This is a slight increase from the previous year. If the home has been owned for a long time, there is a good chance that significant equity has built up. The more equity there is, the larger the loan amount that can be obtained. The loan limit is determined by the appraised value, age, and interest rate. The exact amount can only be known after consultation and appraisal. However, the property tax rate in Fairfax County for the 2026 fiscal year is $1.1225 per $100 (according to County Tax Tools). This tax must continue to be paid by the owner even after obtaining a reverse mortgage. This is an easy detail to overlook. Tax bills are issued annually, and this fact does not change even after taking out a loan.

Here are the eligibility requirements:

• Age 62 or older
• Primary residence requirement met
• If there is an existing mortgage, it must be at a manageable level
• Pass a financial assessment

The advantages are clear. There is no monthly repayment burden. It creates cash flow for living expenses and medical costs. The non-recourse structure means that if home values decline, heirs are not required to repay the difference. The title issue for spouses should also be checked at this stage. Applying as co-owners reduces future problems.

There are also options for how to receive the funds. One can receive monthly payments, a set amount for a specific period, or a line of credit that can be accessed as needed. Combinations are possible. You can choose based on your lifestyle patterns.

Each lending institution has different conditions. Fees vary, and interest rates differ as well. It is not advisable to make a decision based on just one option. It is better to obtain estimates from multiple places for comparison.

In summary, the disadvantages are as follows. Initial costs are high. There are origination fees, mortgage insurance premiums (approximately 2% initially, 0.5% annually), and closing costs. Over time, equity decreases. The assets left for children may also diminish. There is an ongoing obligation to maintain the home throughout the loan period. If property taxes and insurance premiums are not paid, there is a risk of default. This means the home could be lost. This is not a trivial matter. If the spouse is not a titleholder, this risk may be even greater. It is essential to review each clause in the contract before signing.

As of 2024, the percentage of the population aged 65 and older in Virginia is 17.6% (according to America's Health Rankings). As the retirement population increases, related inquiries are also rising. Before applying, it is mandatory to undergo counseling with a HUD-approved agency. Details such as title issues and spouse protection clauses can be confirmed during this counseling. It is wise to be cautious of offers that suggest contacting you by phone or mail to provide special benefits. Take your time and discuss with family before making a decision. The more carefully you approach it, the less likely you are to regret it. It is necessary to develop a habit of double-checking before signing any documents. This article is not investment or legal advice, and it is recommended to consult a professional before applying.