If you’re considering a reverse mortgage, you might wonder whether family members can share one. While many assume this type of loan is only for married couples, that’s not entirely true. In fact, siblings, friends, or even adult children and their parents can also share reverse mortgage loans—as long as they meet certain conditions.

Because housing costs continue to rise and multi-generational living becomes more common, many people explore the idea of sharing a reverse mortgage to stay in a home they love or to pool financial resources. Let’s explore how that works and what to watch out for along the way.

Understanding Living Arrangements

To begin with, anyone can live in a home that has a reverse mortgage, as long as the primary borrower remains in the property. This means a sibling, roommate, or adult child can live in the house with you. However, if the borrower moves out or passes away, the loan typically becomes due.

That’s an important detail to keep in mind. While the loan stays active as long as one eligible borrower remains, anyone who is not on the reverse mortgage must usually move out if the borrower is no longer there. Because of this, it’s vital to think ahead when choosing who to include on the loan.

Read More Can Family Members Get a Reverse Mortgage Together?