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What happens if I have a reverse mortgage and I have to move out of my home, such as moving into a nursing home or to live with family?

Reverse mortgage loans typically must be repaid either when you move out of the home or when you die.

If your spouse or person living with you is a co-borrower

If you move out of your home for any reason (whether to live in a nursing home, downsize to a smaller house, or to be closer to family) and your spouse or the person living with you is a co-borrower on the reverse mortgage loan, they can stay in the home and continue to receive loan disbursements so long as they fulfill the ongoing obligations of the reverse mortgage.

If your spouse or person living with you isn’t a co-borrower

If your spouse or partner is not your co-borrower and you move someplace else for a majority of the year, or to a nursing home or assisted living for more than 12 consecutive months, the reverse mortgage loan will need to be paid back. This will probably require selling your home, and your spouse or partner will most likely have to move.

Note: This information only applies to Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage loan.


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