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QUESTION:
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Divorced Homeowner and Wife Won't Sign |
| My father in law is in his 80's and divorced-his wife is much younger (not 62 yet) and won't sign for him to get a reverse mortgage. What options does he have for using his equity? There's a divorce settlement that states each party has 50% equity and he lives in the home. It is completely paid for too. What can he do to qualify for a reverse mortgage to offset his living expenses? |
 | asked by jjcatsor, 1/3/2008 |
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Categories:
Reverse Mortgages
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| ANSWERS: |
| Answered by: grandpa24551, 01/04/08
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The fact that your father-in-law is still living in his/their house should be reflected in their divorce settlement. What are the conditions that allow him to maintain his residence there?
Apparently, from you question, your father-in-law cannot afford the living expenses associated with living in the house.
One option is that, if he has an extra bedroom, that he rent that out to gain some extra income and perhaps some help in maintaining the house.
Since your father-in-law is in his 80's, he might want to consider putting the house on the market, and then splitting the proceeds of the sale with his ex-wife. Many parts of the country are in a falling real estate market. The two options are sell now. Or wait for the market to recover. Login to rate this answer: |
| Answered by: jjcatsor, 01/05/08
Overall Rating: Be the first to rate it. |
He lives in the house, can afford the living expenses, but wants a reverse mortgage. Selling the home is not an option-he wants to live in it for the remainder of his years.
My main question-can he get a reverse mortgage with a divorced wife that won't sign? Login to rate this answer: |
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