HOW Reverse Mortgages CAN HELP IN A DIVORCE
A Reverse Mortgage loan can be a great tool for divorcing couples that can’t qualify for a traditional loan. This FHA loan allows both parties to keep the lifestyle they’ve become accustomed to and alleviates fighting over the family home.
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This loan requires the homeowner to be 62 years or older and borrow against the equity in their home. In a reverse mortgage, you exchange equity in your home for receiving regular payments, or a lump sum which can buy-out your spouse's equity. However, you can use the money for any reason; pay off debt, supplement retirement income, buy investment properties, etc.
The down payment is based on your age and most people choose to make NO mortgage payments FOR LIFE, which can be a wonderful thing! You still have to pay for taxes, HOA fees, insurance and keep the home well maintained.
REVERSE MORTGAGE
REVERSE To Purchase MORTGAGE
A Reverse To Purchase Mortgage can be used in the same way to purchase a new home. Many people use this loan to upgrade to a newer home and is usually double the price you could normally qualify for. The same qualifications apply to this loan as it does to a Reverse Mortgage. The great thing about either loan is you never have another house payment!
Contact Us Today​
Whether you're selling the home, doing a buy-out with your spouse or if a Reverse Mortgage will work for you, let's discuss your options in detail. Even before the divorce proceedings begin, we can evaluate your financial situation to advise you.
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Call Geni Manning at 469-556-1185 or fill out our Online Request Form.
HOW IS A REVERSE MORTGAGE DIFFERENT
FROM A REGULAR MORTGAGE?
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you!
A Reverse Mortgage takes part of the equity in your current home and converts it into payments to you. You have the choice of receiving a lump sum (which can pay off your spouse's portion of the equity), a monthly advance, a line of credit, or a combination of all three. Alternatively, you can sell your current home and roll some or all of your equity into a new home using a reverse purchase mortgage.
Contact Us Today
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To talk about your situation and your options. Whether selling the home, doing a buy-out with your spouse or if a Reverse Mortgage will work for you. Even before the divorce proceedings begin, we can evaluate your financial situation to advise you.
Call Geni Manning at 469-556-1185 or fill out our Online Request Form.