Open Question: Reverse Mortgage question, please help!?

[Administrator]

I am 65 years old man, cash low but equity rich. Namely, property worth $1 400000, existing first mortgage $230 000. For a year or two I need a little break from my mortgage payments, until I have a bigger settlement amount coming in, then I will refinance back to a regular mortgage, but for now, we will go ahead with the Reverse Mortgage. Our issue is that my wife (in her forties) is not eligable for the Reverse MOrtgage, so in order for me to get this, she has to be out from the title. Since we have no kids, she is the only heir, can we set up a Revokable Living Trust, name her as Co Trustee and Benefiniciary, in case something happens to me? I want to keep her safe financially, please advise... Thanks

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