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Older divorcing woman may benefit from reverse mortgages

Older women in Texas getting a divorce might be interested in learning about the potential benefits of reverse mortgages. The concerns of older women getting divorces are somewhat different from those of their younger counterparts as they have issues such as retirement and medical expenses to consider.

A reverse mortgage is a type of loan where, instead of making payments to a lender, the homeowner actually receives payments, either monthly or in a lump sum or line of credit. A reverse mortgage could prove to be a useful financial planning tool to consider after a divorce.

The principal and interest on a reverse mortgage typically becomes payable after the owner of the home dies, moves out of the home, sells the home or if the property taxes or insurance premiums on the home go unpaid. People have to be at least 62 years of age or older to be eligible for a reverse mortgage. There are various reasons why older women might consider this type of arrangement after their divorces. For example, the proceeds of a reverse mortgage could help with costs of maintenance and repair, with payment of property taxes and insurance premiums, and with other expenses. It may also be useful in situations where a divorced woman may not wish to liquidate temporarily undervalued investments in order to meet cash flow needs.

An older woman contemplating a divorce may wish to speak with an attorney experienced in family law matters. Such an attorney may be able to provide advice as to issues like spousal support and property division, and he or she may be able to negotiate agreements regarding marital property.

Source: Forbes, "How Reverse Mortgages Can Benefit Older Divorcing Women", Jeff Landers, September 24, 2013

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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