10500 Little Patuxent Parkway, Suite 420, Columbia, Maryland 21044-3563
Site Search
Coover Law Firm, LLCCoover Law Firm, LLC
Coover Law Firm, LLC
Howard County's Divorce Lawyer
Call Us Today!
410-995-1100
  • About Us
    • Profiles
      • Attorney Profiles
      • Staff Profiles
    • Purpose of the Initial Consultation
    • Philosophy & Client Rights
    • Code of Civility
    • Legal Notices
  • Practice Areas
    • Family Law
      • Divorce Law
      • Child Custody
      • Child Support
      • Property Division
      • Paternity
    • Civil Litigation Law
      • Construction Litigation
      • Corporate Collections
      • Serious Personal Injury & Tort Litigation
    • Real Estate
      • Residential Real Estate
      • Commercial Real Estate
    • Business & Corporate Law
      • Corporations, LLCs & Partnerships
      • Formation of Business
      • Sole Proprietorship
      • Business Dissolution
  • Testimonials
  • Resources
    • FAQs
  • Blog
  • Pay Online
  • Contact Us
Menu back  
February 23, 2018Property Division

For “Silver Divorces,” a Reverse Mortgage Could Be a Solution

Reverse mortgage loan application on a table

You’ve been married to your spouse for several years, even decades. You’ve made the decision to end your marriage, but you’re worried about what is going to happen to the house because you still have a mortgage. Who is going to live where? And what can you both afford?

Even if both of you agree that one spouse stays in the house while the other moves, there are still financial considerations to make. How will the spouse who is leaving pay for their new condo or home? A reverse mortgage can be the answer for older couples going through a “silver divorce.”

When there is still a mortgage left on the home but there is more equity built than what is currently owed, a reverse mortgage can help. A lender may not be able to let one of the person’s out of the loan because it’s not in the lender’s best interest. When two spouses remain on the original mortgage, it can be difficult, if not impossible, for the spouse who wants to move out to buy another property.

What happens when the spouse who is going to stay can’t afford to refinance on their own?

If you are age 62 or over, a reverse mortgage can be used by both spouses. A reverse mortgage comes with many conditions that must be met, and is not the right solution for every party. Reading about and understanding exactly what a reverse mortgage is, what it requires and how it can be beneficial is important. You can read more about reverse mortgages online.

If you need assistance with a divorce in Columbia, MD, reach out to our team of attorneys. We are happy to assist you in pursuing your legal separation, divorce or mediation. Call us today.

Related posts
divorce and mortgage questions
Maryland Lawyer Answers Common Divorce and Mortgage Questions
February 3, 2021
Is Maryland 50/50 divorce state?
Is Maryland a 50/50 Divorce State?
December 17, 2019
Divorce, Real Estate & Short Sales
GUEST BLOG: “Understanding Your Options – A Guide to Divorce, Real Estate & Short Sales”
December 19, 2017
Are Social Security Benefits Divided in a Divorce?
Are Social Security Benefits Divided in Maryland Divorce Cases?
August 10, 2016
Divorce in Maryland | Family Home & Use and Possession Law (Howard County Divorce Lawyers)
What Happens to the Family Home During a Divorce in Maryland?
June 22, 2016
What's Considered Non-Marital vs. Marital Property in a Maryland Divorce | Howard County Divorce Lawyer
What’s Considered Marital vs. Non-Marital Property in MD? | Howard County Divorce
May 18, 2016

Footer map

10500 Little Patuxent Parkway, Ste. 420
Columbia, Maryland 21044-3563
  • local: 410-995-1100
  • fax: 410-997-7896

Coover Law Firm, LLC is located in Columbia, MD and serves clients in and around Howard County, Anne Arundel County, Carroll County and Frederick County.


Law Firm SEO by EverSpark Interactive
Coover Footer Map