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Banks consider special mortgages for divorce situations

Property buyers in Texas and around the country have a dizzying array of financing options to choose from, and a type of mortgage designed to cater to the needs of older people who are going through a divorce may soon be added to the list. These new loans, which are being referred to as divorce mortgages, are being discussed by banks in the United Kingdom, but an approximated 100 percent increase in the number of people aged 50 or older seeking a divorce between 1990 and 2013 has prompted some experts to predict that similar financial arrangements may also be introduced in the United States.

Older divorced people often hope to remain in the homes that they have raised their families in, but they often lack the funds necessary to buy their partners out or make monthly mortgage payments. The new divorce mortgages would help them by providing them with a lump sum to buy out their former spouse's equity as well as money to cover any interest charges due.

Banks in the united States may embrace this new kind of mortgage because alimony is usually awarded in divorce cases involving older couples. This is because a secure and stable form of income make it more likely that these loans will withstand the underwriting process and be approved.

Experienced family law attorneys may understand why older divorced spouses could wish to remain in their marital residences, and they may take their sentimental attachments or hopes to minimize upheaval into consideration before property division or spousal support negotiations begin. Having enough money to make ends meet during their retirement years is also a major concern for many older divorcing spouses, and attorneys could pay particular attention to assets that yield income when negotiating a settlement agreement.

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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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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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