California Reverse Mortgage News

A HECM Reverse Mortgage can help fund a senior couple's gray divorce.
Many senior couples do not think they can carry thru with a divorce due to not having enough income to afford to live on their own, or if they have a home, they may not be able to qualify for a home loan to buy out the other spouse's share of equity.

A HECM Reverse Mortgage can help solve some of those problems.
On a property with an abundance of equity, a lump sum of cash can be distributed to the one spouse vacating the property (after the existing mortgage balance is paid off) and the spouse remaining in the property doesn't have to make any monthly payments on the new Reverse Mortgage loan.

This way the vacating spouse has capital and funds to work with and the remaining spouse staying in the property has cash flow as well.

It's unfortunate that we even have to think in these terms, but senior couples are not exempt from divorce and they do need options.

To read more on the gray divorce click here to read an article.

For more information on qualifying for a reverse mortgage or how they work, please visit www.californiareversemortgage.biz

Best,
Kevin Walton
Reverse Mortgage Specialist
800-506-0632 ext. 0

Posted by Kevin Walton on November 3rd, 2015 4:32 PM