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Texas divorce: reverse mortgages popular among older couples

Wednesday, July 18, 2018

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

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