Can you use a reverse mortgage to finalize your divorce settlement?
There are many methods you can use in order to quickly finalize your divorce in Pennsylvania. One of them may be to make use of the equity that you received via a reverse mortgage deal. If you have recourse to this equity, you may be able to use it to your advantage. It can be the key to a fair and balanced settlement.
A reverse mortgage can benefit your settlement
A reverse mortgage represents a method by which an eligible homeowner can gain access to the equity in their homes. This arrangement will allow them to do so without having to go the usual route of obtaining a standard home equity loan. It’s a simple and cost-effective way to gain extra equity with less red tape.
Divorce can be a complex and tedious affair at the best of times. The key to getting a good settlement is to make a sober assessment of the assets that are available to you. In most cases, the home you have bought will be in both of your names. This means that it will be the most valuable asset that has to be divided. This is where a reverse mortgage can be of valuable assistance.
Reverse mortgage arrangements can expedite a divorce
A reverse mortgage can save you a great deal of time, energy, and money when it comes to the final asset division. You may be able to use the terms of your reverse mortgage to come to an agreement where one spouse is allowed to remain in the home.
You may also come to an agreement that allows the house to be sold in order for the equity to be divided among both parties. This can put you in a better financial position as you end your marriage and work to rebuild your finances.