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What happens if we get a divorce while our home is in reverse mortgage

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loutorrey Joined: 09 Oct 2010 Posts: 1 1.33 Dollars($)	Posted: Sat Oct 09, 2010 12:32 pm    Post subject: What happens if we get a divorce while our home is in rever Like 0 Dislike 0 We got a reverse mortgage about 4 yrs ago and are now getting a divorce. What happens to the home? Can one of us still live in the house?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Mon Oct 11, 2010 3:46 am    Post subject: Like 0 Dislike 0 Hi loutorrey, Divorce does not mean that you'll have to leave the property. If your name is mentioned on the property deed, then you can stay in the property and receive the reverse mortgage benefits. Thanks, Jerry
Bob Haggert Guest	Posted: Thu Sep 22, 2011 9:22 am    Post subject: reverse mortgage / divorce Like 0 Dislike 0 Five years ago we got a reverse mortgage; in case of a divorce or seperation, who gets to live in home and benefit from the reverse mortgage. Will mortgagor foreclose on home we have lived in for 36 years; we are both senior citizens. Bob
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Sep 22, 2011 10:22 pm    Post subject: Like 0 Dislike 0 Hi Bob! Welcome to forums! One of you who want to own the property may refinance the reverse mortgage in his/her name. This will make that person solely responsible for the reverse mortgage. If that person stays in the property and maintains it, then the lender won't come after the property to foreclose it. Feel free to ask if you've further queries. Sussane
Canary Guest	Posted: Sat May 12, 2012 1:37 pm    Post subject: reverse mortgage and divorce Like 0 Dislike 0 We are both on the deed of the house, can we get divorce and stay leaving together in the house not having to refinance?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun May 13, 2012 11:18 pm    Post subject: Like 0 Dislike 0 Welcome Canary, As far as I understand the situation, you will be able to stay in the property even after divorce so that you don't have to refinance the existing mortgage. _________________ Procrastination is the enemy of your financial success

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