Perhaps you find yourself facing a divorce as you enter or are in retirement. The reasons vary but the majority of divorces include money problems. The financial and emotional toll of a divorce can be devastating.
Very often, one spouse wants to stay in the home that was shared, and the other wants to be in a different home, but the question is, how can this work?
A Reverse Mortgage may be the answer! By doing a reverse mortgage on the primary residence, that spouse will not have a mortgage payment going forward, and the cash out may be enough for the other spouse to buy with half the purchase price down using a reverse mortgage to purchase. There will be no mortgage payment in the new property. Of course, both have to pay property taxes, homeowner’s insurance, HOA dues and maintain their respective homes.
Depending on the age of the spouse using the reverse mortgage to purchase, less than half the purchase price may be all that is needed to put down while financing the rest of the price with a reverse mortgage.
Call TODAY for more information.
(586) 753-9000 We educate; YOU decide.
