HappySeniorHomeOwners Blog

The “Gray Divorce” Settlement and 
The Reverse Mortgage

There have been  an increasing number of the so called “Gray Divorce” between Senior Spouses.

 Seniors in the process of a Divorce Settlement should take a look at the Reverse Mortgage. Th Spouse retaining the Home could do a Reverse Mortgage, Liquidate the current mortgage or give funds for the other spouse

Now, for the More Affluent Homeowner, there is a new Proprietary Reverse Mortgage for properties up to a maximum Loan Amount $4,000,000, it will open the possibilities to the more affluent Homeowners from 55 years of age or older. (conditions apply).
 available for Owner Occupied, for Refinance 1 to 4 families Residences and NOW CONDOS (conditions apply). For Purchase 1 to 2 families Residences including approved CONDOS.

One of the biggest hurdles the couple faces is what to do with the home they have shared for so many years. You know the alternatives.

 If one of the Homeowner that wants to keep the home, qualifies, there is enough equity, and both parties agree, refinancing with a Reverse Mortgage might provide a wise, viable financial solution.

 As agreed, Spouse A and Spouse B and get a Decree and Property Settlement where Spouse A would do a Reverse Mortgage (if they qualify) and Pay Spouse B the agreed amount at closing. Divorce must occur prior to closing. The proceeds could:

1) Pay off the outstanding balance on the mortgage, and/or

2) Give the Homeowners funds to be distributed as per the Divorce Agreement.

 Spouse A would keep the home in his/her name only, without having to make any monthly Principal and Interest mortgage payments (only property taxes, insurance and any property charges and maintain it in good condition) for as long as he/she lived the home as primary residence.

Spouse B would have cash available to get on with their life, and removed from title would have no further liability for the home or the debt.

 For your Clients:

ENGLISH: https://www.SeniorReverseFlorida.com/Divorcing 

ESPAÑOL:  https://www.SeniorReverseFlorida.com/Divorciandose 

JUMBOS: https://www.SeniorReverseFlorida.com/JUMBOS 

As you can see, in some cases a Reverse Mortgage might be a viable solution for some of your Senior Clients.

 Call or send me an email me so I can prepare a no-cost, no obligation, Confidential Estimate. Please Provide:
 Refinance: 1) Age (55 or older) of the Client that would keep the home: __________
 2) Estimated Value of the Home: $_____________
 3) Current Balance ALL Liens debt: $______________

4) Type of Property: [ ] Single Family, [ ] Townhouse, [ ] 2-4 Families,
 [ ] Condos: Building Address-Zip (Required): ________________________________________

Also, For the departing ex-Spouse B, there is the Reverse Mortgage Home Purchase Financing Program which allows a Senior Buyer 55 years of age or older, to finance the purchase with a $4,000,000 Maximum Loan Amount and not have to make Monthly P&I payments as long as they pay taxes, insurance, property charges and they live the home as principal residence.

 For your Clients:  https://www.SeniorReverseFlorida.com/SeniorBuyers

Español; https://www.SeniorReverseFlorida.com/CompradorSenior