If the older spouse dies, the younger spouse can stay in the home, but there is a cost.By Pat Mertz EssweinSee my bio, plus links to all my recent stories., From Kiplinger's Personal Finance, October 2014 Follow @PatEsswein
Poon Watchara-Amphaiwan
New rules are a relief for Wayne and Lynn Caudill.
Wayne Caudill took a reverse mortgage on the house he owns with his wife, Lynn, in 2012, after a job loss threatened the ability of the couple to keep their Roanoke, Va., home. Wayne, who was 62 then, met the minimum age to qualify, but Lynn, 55, was too young to be named a co-borrower; if he died or left the home permanently, she'd have to pay off the loan, most likely by selling the house. "It would be like being evicted from my own home," says Lynn.
