This will depend on whether you and your spouse are listed as co-owners on the property deed and as co-borrowers on the reverse mortgage loan. Reverse mortgage loans generally require that all property owners be listed as borrowers and that all borrowers meet the minimum age requirement. If you are a co-owner and co-borrower, you would be able to continue living in the home even if your spouse dies or moves out.

However, if you are not a co-owner and co-borrower – for example, because you are not yet 62 years of age – you would not be able to keep the home unless you can repay the entire loan balance in full when your spouse dies or moves out. Talk to a lawyer if you are considering any change in the title or ownership of your home.