HECM And Silver Divorce: Sadly It Happens And Home Equity Conversion Mortgages Help Clear The Deck

Jack and Irene F. had been married 52 years, raised two wonderful adult children, watched them both marry the perfect wives and had 4 perfect grand babies.

Unfortunately, those 52 years were not all rosy and some scars just can’t be repaired.  And, sometimes just riding off together into the sunset no longer seems an option.

So divorce it was… and attorneys and money being spent they really didn’t have to spend without impacting their retirement.  A retirement which now was going to be spent in separate households.

Irene wanted to stay in the home… a place with so many great memories but also with a small mortgage that must be paid.  Jack just wanted to move to a condo near one of his children, the grand babies and a golf course.

With assets being divided, their divorce attorney recommended Richard McWhorter of Ridge Reverse, for having worked with him in the past it was an easy solution.

Richard worked with Jack, Irene and their attorney to guide them through the Home Equity Conversion Mortgage process.  A process that was a win/win for everyone…  or at least as good a “win” as could be achieved under the circumstances.

Irene closed on the reverse mortgage and, due to her age, was able to get 57% of the equity value of the home in cash at closing.  Jack was then paid his share, and promptly closed on that condominium with a reverse mortgage of his own using a HECM for Purchase.

Now, neither have a mortgage payment to worry about, the children are happy that the financial strain of the divorce has been resolved without their “assistance” and all are now moving on.  Thankfully it was a relatively amicable splitting, and family holidays with everyone present remain happy occasions.

Hard to say it was a true win/win, as Silver Divorces are rarely a solution anyone wants.  But, the HECM was their best solution to the housing issues… making the division of assets at least one of the easier parts of the process.

Hopefully, you nor anyone you know will ever have to endure a divorce in retirement years.  But, should the unfortunate event occur, feel free to call us  to see how the Home Equity Conversion Mortgage and the HECM for Purchase may be the best solution available.

Maybe you, or someone you know, needs a similar success story but still thinks the new HUD/FHA Home Equity Conversion Mortgage is too good to be true?  As with any loan product, there is always additional information to discuss. Give Richard McWhorter of Ridge Reverse a call, text (863-456-7810) or email (Richard.McWhorter@Amerifund.com) and find out why what you use to think about reverse mortgages is keeping you from one of the best and safest long term financial products on the market today.

Next step?

Want to know how home home equity can help solve some of your life’s issues? Simply reach out to us at Ridge Reverse and let’s discuss how we can help you with a product designed specifically to meet your needs for a lifetime of happiness… while enhancing long term cashflow and quality of life. Feel free to call, text (863-456-4810), or email richard.mcwhorter@amerifund.com and find out more.

Ridge Reverse, powered by Amerifund, provides an Equal Housing Opportunity. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to secure a loan. Some restrictions may apply. This material is not from HUD or FHA and has not been approved by HUD or any government agency.

Richard W. McWhorter, NMLS 1618644, is an independent reverse mortgage specialist and can assist in your reverse mortgage needs in most. Follow him on LinkedIn, the Ridge Reverse website or contact him directly at richard.mcwhorter@amerifund.com.