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

Iam getting a divorce and...
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?
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5/17/2013
ScottyMacEsq
ScottyMacEsq, Lawyer
Category: Family Law
Satisfied Customers: 18,327
Experience: Licensed Texas General Practice Attorney
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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?
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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?
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Customer reply replied 5 years ago
as of April 30 2013 Closing loan balance 137,565.55
What is the value of the property?
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Customer reply replied 5 years ago
190,000
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
ScottyMacEsq, Lawyer
Category: Family Law
Satisfied Customers: 18,327
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Customer reply replied 5 years ago
outstanding job Thank you
You're welcome, and again, good luck to you!
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