How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask ScottyMacEsq Your Own Question

ScottyMacEsq
ScottyMacEsq, Lawyer
Category: Family Law
Satisfied Customers: 11282
Experience:  Licensed Texas General Practice Attorney
Type Your Family Law Question Here...
ScottyMacEsq is online now
A new question is answered every 9 seconds

Iam getting a divorce and we have a reverse mortgage. When

Customer Question

Iam getting a divorce and we have a reverse mortgage. When we purchased the house I put cash down and she traded in her house , She had about 50,000 in equity. I want to keep the house she can not maintain or aford to stay in the home. How do I determine how much I would owe her if anything?
Submitted: 1 year ago.
Category: Family Law
Expert:  ScottyMacEsq replied 1 year ago.

ScottyMacEsq : Thank you for using JustAnswer. I am researching your issue and will respond shortly.
ScottyMacEsq : Is her name on the deed and the mortgage as well?
Customer: Yes
ScottyMacEsq : How much is owed on the reverse mortgage?
ScottyMacEsq : Did you see my follow up question?
Expert:  ScottyMacEsq replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  ScottyMacEsq replied 1 year ago.
I have switched to Q&A because that should be a better way to communicate (if you're not able to chat live).

How much is owed on the reverse mortgage?
Customer: replied 1 year ago.
as of April 30 2013 Closing loan balance 137,565.55
Expert:  ScottyMacEsq replied 1 year ago.
What is the value of the property?
Customer: replied 1 year ago.
190,000
Expert:  ScottyMacEsq replied 1 year ago.
Thank you for that information. Reverse mortgage situations can be problematic in divorce situations, particularly since the terms of the mortgage may "accellerate" the loan if one or both of the parties vacate the premises. Now as a practical matter, where the property is the collateral, and what will pay off the loan (such as in this situation) so long as one of the parties stays in the property, the bank will not accelerate such a loan.

The mortgage itself is a debt, and since you both signed it, it would be apportion able to both of you.

Typically when there is a "comingling" of separate assets into a common property, such as we have here, the court is going to consider that new asset marital property and as such subject to the joint and equitable distribution that court will do. Only if there were a prenuptial agreement in place would those contributions remain divisible to the respective parties.

Typically assets and liabilities are divided equally. So if you get the house, you get a property worth $190,000, and there is the debt in both names of ~$140,000. IF you took both the property and the debt, there would still be a net to you of $50,000, and that would mean that your wife would need to be compensated for half of that.

Again, this is assuming there is no prenup in place that would govern otherwise. The fact that you purchased this together and pooled your money to purchase would mean that the initial investments would not be considered, but rather that it was meant to be "comingled" and enjoyed equally, so she would be entitled to (roughly) half of the net value (equity) if she moves out.

Now there would have to be a consideration of the other marital property, if any. It's not half of every asset, but half of the marital assets. (and it's not necessarily half, but rather an "equitable division", which is most of the time half). If this equity is ALL there is, then it would almost certainly be ordered that she would get half of it.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
ScottyMacEsq, Lawyer
Category: Family Law
Satisfied Customers: 11282
Experience: Licensed Texas General Practice Attorney
ScottyMacEsq and 4 other Family Law Specialists are ready to help you
Customer: replied 1 year ago.
outstanding job Thank you
Expert:  ScottyMacEsq replied 1 year ago.
You're welcome, and again, good luck to you!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
< Last | Next >
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
 
 
 

Meet The Experts:

 
 
 
  • Ely

    Counselor at Law

    Satisfied Customers:

    8085
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    8085
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney and Counselor at Law

    Satisfied Customers:

    6424
    27+ years legal experience. I remain current in Family Law through regular continuing education.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Lawyer

    Satisfied Customers:

    6336
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    5987
    I provide family and divorce law advice to my clients in my firm.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    5773
    JD, 15 years legal experience including family law
  • http://ww2.justanswer.com/uploads/BrianTMayer/2010-01-06_200119_BM.jpg Brandon M.'s Avatar

    Brandon M.

    Family Law Attorney

    Satisfied Customers:

    3810
    Attorney experienced in all aspects of family law
  • http://ww2.justanswer.com/uploads/TU/TUSA/2012-6-6_55219_test.64x64.png Thoreau (T-USA)'s Avatar

    Thoreau (T-USA)

    Lawyer

    Satisfied Customers:

    2634
    Attorney