Jack and Irene F. had been married 52 years, raised two wonderful adult children, watched them both marry the perfect spouses 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 for their last years no longer seemed 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 and the grand babies.
With assets being divided, their divorce attorney recommended McWhorter 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 as their solution to the housing issues made 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 me to see how the Home Equity Conversion Mortgage and the HECM for Purchase may be the best solution available.