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Divorce After 50: A Financial Solution

March 8, 2023

In settling a Grey divorce often one of the hardest issues to resolve is what to do about the house – which is often the most valuable asset in the marriage — for some couples divorcing later in life, selling may make the most sense BUT if one spouse wishes to stay in the home a reverse mortgage will make this possible.

With a reverse mortgage, both spouses can access the equity in the home and use it to start their new lives.

If you’re going through a grey divorce, we know it can be tough, we’re here to walk with you hand in hand if you want to see if a reverse mortgage can help you. Call Bingo today at 720-541-5545 or Visit us at BingoReverseMortgage.com.

We’re your local trusted experts here to help with all your grey divorce needs.

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Company NMLS ID: 2268418
Mortgage Loan Originator NMLS ID: 2216012

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If you qualify and your loan is approved, a HECM loan must pay off your existing mortgage(s). With a HECM, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible nonborrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.