Using about-face mortgages to advice abate the draft of alleged “silver divorce” has acquired drive as a abeyant action in contempo years — and now a nationally amalgamated columnist has brash in.
Benny L. Kass, a advocate who pens a approved absolute acreage cavalcade that appears in the Washington Post, Chicago Tribune, and added papers, explored a fabulous book involving a divorcing brace in their 70s. The bedmate wants to move out of the home, and the wife intends to stay, but the $600,000 acreage still has a $200,000 mortgage.
“This is a actual accepted botheration throughout the country,” Kass wrote. “With the annulment amount accretion amid seniors (the ‘silver’ divorce), too abounding couples gluttonous a annulment either accept to advertise the ancestors home, or the apron who will not abide in the acreage is clumsy to buy article else.”
The accident of earlier Americans divorcing is absolutely on the upswing: The breakdown amount for affiliated Americans age-old 65 and earlier tripled amid 1990 and 2015, according to a 2017 analysis from the Pew Research Center.
Kass proposes a affectionate of “double reverse” band-aid for the fabulous pair: The wife can booty out a about-face mortgage on the acreage and accept about $286,000, with $200,000 activity against advantageous bottomward the absolute mortgage on the home — and the actual $86,000 allowance anatomy the husband’s bottomward acquittal on a Home Equity Conversion Mortgage for Purchase transaction on his new condo.
“If Sam and Sara both authorize for their HECM, Sara will break in the ancestors home, Sam will accept his own condo, and neither will be answerable to pay any mortgage so continued as they abide to abide in their corresponding properties,” Kass concludes.
The columnist additionally brash anyone absorbed in exploring such a band-aid to argue their attorneys and banking counselors. Kass additionally directed readers to analyze about-face mortgage assets developed by the Department of Housing and Urban Development, AARP, and the Federal Trade Commission afore authoritative a close decision.
Read Kass’s abounding cavalcade at the Washington Post.
Written by Alex Spanko
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