We’ve reached the final post in our
October Homebuyer FAQ Series, where we’ve spent the month answering
real questions from real consumers about the homebuying process.
In
Part 1, we broke down the mortgage basics every buyer should know. In
Part 2, we explored smart ways to save money on your mortgage. In
Part 3, we tackled the big questions about market timing and trends.
Now, in
Part 4, we’re wrapping it up with some of the
unique and special situations that don’t always fit the standard mold: like what happens if your spouse isn’t on the deed, how much acreage you can finance, and when a reverse mortgage might make sense.
If my spouse is not on the deed, will they automatically get the house if I pass away?
Not automatically. Ownership depends on your state laws and whether you have a
will or
trust in place. In some states, property purchased during marriage is considered
community property, but in others, the deed controls ownership.
If you want your spouse to inherit the home, talk to your lender and an estate attorney about adding them to the title or updating your estate plan. It’s one of the best ways to protect your family’s financial future.
How much acreage can be financed with a home loan?
Most lenders are comfortable financing
10 to 15 acres with a standard mortgage. If the property is larger or used for agricultural or commercial purposes, you may need a
land loan or a specialized mortgage product.
If you’re buying a rural property, always disclose the acreage early; your lender can confirm whether it qualifies under traditional guidelines or if another option is better suited.
Should our aging parents consider a reverse mortgage when downsizing?
For some seniors, yes. A
reverse mortgage allows homeowners aged 62+ to use the equity in their current home to purchase another property, without monthly mortgage payments.
This can be especially useful for retirees who want to
downsize,
free up cash flow, or
age in place. However, it’s not the right fit for everyone. The loan balance grows over time, which can impact future inheritance. It’s important to review the pros and cons with a trusted loan officer and family members before moving forward.
Can I sell my home and use the proceeds to buy a new one right away?
Yes! You can often use the
net proceeds from your sale as your down payment on a new home, just keep in mind the
timing of your closings. If your home sells first, those funds may not be available right away.
Many buyers use
bridge loans or
temporary financing to help them buy before their sale closes. Talk with your lender about which route makes the most sense for your situation.
What if my credit or income situation is unique?
That’s more common than you think! Lenders today offer flexible options for self-employed borrowers, retirees, or those with non-traditional income sources. These include
bank statement loans,
asset-based loans, or
non-QM products designed to fit unique financial profiles.
If you’ve been told “no” before, it’s worth a fresh conversation; new programs and underwriting approaches emerge all the time.
Every homebuying story looks a little different, and that’s exactly why we’re here. Whether your situation is traditional, unique, or somewhere in between, Luminate will help you find a solution that fits
you.
Series Note
This post wraps up our October Homebuyer FAQ Series. Catch up on the full four-part series for answers to the real questions today’s buyers are asking,
and stay tuned for more consumer-focused insights coming soon from Luminate.
