How HECMs Can Help Make Divorce Bearable
Many people are surprised to find that in this day of increasing “Grey Divorce” that a HECM can truly help in this tough circumstance.
|Circumstances||How HECMs Can Help?|
|Can’t afford to separate||Usually the BIG problem…..using HECMs for both parties, along with splitting the existing home’s equity, can put both parties back in comparable residences|
|One spouse wants to stay in home, but the other spouse needs their 50% share||A HECM can finance the equity cash out for the leaving partner. The much lower income qualifications and optional monthly repayment feature of a HECM can reduce the cash flow burden of the divorce|
|Spouse remaining in home cannot qualify for new mortgage or the spouse paying alimony can’t qualify for new mortgage||With adequate equity, a HECM has substantially lower monthly income requirements|
|Spouse remaining in home making mortgage payments is uncertain of future alimony payments||Losing Alimony could lead to foreclosure. The optional payment on a HECM mitigates the risk of losing this income|
|Spouse remaining in home took their ex-spouse share of home in exchange for no future alimony, so has no current income||A HECM can provide a steady and guaranteed either Term or Tenure (annuity) payment while spouse remains in home.|
Would you like to learn more?
- Click here for eBrochures, eBooks, FAQs and Videos!
- If you would like to know how much you potentially qualify for, and whether you possibly have adequate monthly cash flow, go to the HECM WIZARD and input your information.
- If you would like to reach out and talk with me, fill out the information on Contact Me or email at st.john.bannon@JMCapGroup.com