The only condition that is required by a potential applicant for a Reverse Mortgage, is that they must be not less than 62 years of age. And if there are two applicants, the loan amount will be determined by the age of the younger borrower.
Sometimes a situation will occur when one of the borrowers isn’t 62 and in that case they both can’t apply for the loan. What is not recommended (although some Loan Officers will tell you it’s okay), is to remove the younger borrower from the Title of the property, have the older one apply for the loan and THEN PUT THE YOUNGER PERSON BACK ON THE TITLE.
The problem with this reasoning, is that it’s called fraud. And how would a senior look in jail? And what about the shifty Loan Officer? They got their commission and could care less about the client. The other potential issue, is that what if the older borrower dies?
The younger survivor may not be in the position to qualify for a Reverse Mortgage that would be large enough to pay off the current balance and they would have to sell and vacate their home.
I caution anyone against doing this in order to receive funds from a Reverse loan, as it could be a very dangerous and costly mistake and could cause heartbreak for the borrowers and potentially their children as well.