Jump to Navigation
Texas divorce: reverse mortgages popular among older couples

Friday, September 22, 2017

Couples aged 50 and over are deciding to end their marriages faster than any other age group, according to a research organization specializing in demographic trends. Since 1990, the number of older people getting a Texas divorce or elsewhere in the country has doubled. For those over 65, the divorce rate has tripled during that time frame. Because of this trend, many experts have weighed in on how to help protect the financial situations of those entering their retirement years.

Going through a divorce can raise financial questions at any age range. However, younger couples would have a longer time to recover from any potential setbacks. Older individuals have a much shorter time frame in which to make changes and make the necessary adjustments. Home ownership creates a particularly complex situation when a couple decides to divorce.

Experts discuss three typical methods of handling the home. The couple can sell the home, own it together or one spouse can buy the other out. Many are turning toward reverse mortgages to assist a spouse in buying out the other's share. In fact, certain programs can even help the spouse selling his or her portion to purchase a new home.

A Home Equity Conversion Mortgage can assist the divorcing couple with equally splitting the equity in the home. While reverse mortgages have not always been well-received, many experts believe they can be a useful tool in retirement planning. Since a home is typically the largest single asset any couple owns, it is important to deal with it fairly in divorce proceedings.

Anyone contemplating a Texas divorce should consider contacting a lawyer for help in the litigation process. An experienced family law attorney can help individuals evaluate a specific situation and determine the best plan of action. A knowledgeable divorce lawyer will strive to protect a client's interest and seek the most favorable outcome in the litigation process.

Source: reversemortgagedaily.com, "With "Gray Divorce" on the Rise, Reverse Mortgage Lenders See Opportunity", Alex Spanko, May 7, 2017

No Comments

Leave a comment
Comment Information
FindLaw Network

We Can Help You, Contact Us Today! Saturday Morning Appointments Available

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office Location

Law Office of Douglas C. Smith
10514 Montwood Drive
El Paso, TX 79935

El Paso Law Office Map

Review Us