What happens if we get a divorce while our home is in reverse mortgage

Hi loutorrey,

Divorce does not mean that you'll have to leave the property. If your name is mentioned on the property deed, then you can stay in the property and receive the reverse mortgage benefits.

Thanks,

Jerry

Five years ago we got a reverse mortgage; in case of a divorce
or seperation, who gets to live in home and benefit from the
reverse mortgage. Will mortgagor foreclose on home we have
lived in for 36 years; we are both senior citizens.
Bob

hi bob!

welcome to forums!

one of you who want to own the property may refinance the reverse mortgage in his/her name. this will make that person solely responsible for the reverse mortgage. if that person stays in the property and maintains it, then the lender won't come after the property to foreclose it.

feel free to ask if you've further queries.

sussane

We are both on the deed of the house, can we get divorce and stay leaving together in the house not having to refinance?

Welcome Canary,

As far as I understand the situation, you will be able to stay in the property even after divorce so that you don't have to refinance the existing mortgage.

I was conned by my husband to do a reverse mortgage and since I was under 62 had to take my name off of the deed. Soon after that he was looking for a divorce. What are my rights since we have been married 22 years and I marital home for 17 years? Thank youm MB

Hi Marsha,

If the property is not in your name, then you won't be able to claim your ownership in that property. It will be better if you could contact a real estate attorney and check out what steps you can take in this regard.