My Dad (who's 81) just mentioned that he might want to remarry (she's 82). I know her and she's awesome. If it makes him happy, then I'm great with it.

HOWEVER (you knew that was coming, didn't you), she has reverse mortgage on her house. She lives close to my Dad. They live a little west of San Antonio.

His only worry is that he doesn't want to end up assuming that debt if she passes away before him. He's not poor at all, but he's always been really smart about his money.

What do the Texas laws say about this.

I know (generally) that property and (maybe) debts are not part of the community property, but how would this factor into that?

A reverse mortgage isn't debt. It's an annuity.

West of SA should have zero problems selling in a few days.

He doesn't assume her business just cause they get married. It doesn't quite happen that way in probate. But if one can avoid it. It's best to take it out of the courts hands and leave no doubt.
A simple phone call to estate planning attorney will answer any questions he has.

ToHntortoFsh said:

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West of SA should have zero problems selling in a few days.

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Lakehills...at Medina Lake.

SMM48 said:

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He doesn't assume her business just cause they get married. It doesn't quite happen that way in probate. But if one can avoid it. It's best to take it out of the courts hands and leave no doubt.
A simple phone call to estate planning attorney will answer any questions he has.

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At their age, I think a sit down with their estate planner would be the prudent move here. If they're looking to get married there shouldn't be any awkwardness in line-iteming their wishes with both their community and non-community property.

Obviously your dad has heirs or potential heirs (you're here asking). I presume she has children/grandchildren that she wants her worldly possessions divided amongst. They should discuss it amongst each other, write out their primary desires and questions, then sit down with an attorney to draw up the documents.

Kenneth_2003 said:

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SMM48 said:

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He doesn't assume her business just cause they get married. It doesn't quite happen that way in probate. But if one can avoid it. It's best to take it out of the courts hands and leave no doubt.
A simple phone call to estate planning attorney will answer any questions he has.

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At their age, I think a sit down with their estate planner would be the prudent move here. If they're looking to get married there shouldn't be any awkwardness in line-iteming their wishes with both their community and non-community property.

Obviously your dad has heirs or potential heirs (you're here asking). I presume she has children/grandchildren that she wants her worldly possessions divided amongst. They should discuss it amongst each other, write out their primary desires and questions, then sit down with an attorney to draw up the documents.

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I'm an only child, but I have 9 kids and 16 grandkids (yes, everyone here but me and Dad a Lot is a poser). But, everything is going to me.

She's got several kids and grandkids too. Not sure if she has a will.

My Dad just recently had everything of his redone into a trust (the will he had with my Mom was done in the early 70s in Darmstadt so THAT was fun for his atty to figure out. You need witnesses? Oh, they all died 30 years ago).

But, I'll let him know he should call that atty and ask him the question.

What debt is is worried about?

ToHntortoFsh said:

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West of SA should have zero problems selling in a few days.

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Sounds like she already sold the house to the reverse mortgage company.

Are they going to live in her house? If not, the mortgage becomes due when she moves out.

There is no personal liability on a reverse mortgage. If she were to die, he is not liable for the debt. It becomes due and payable upon her death and he loses the house if he, or whomever she leaves it to, doesn't pay it off.

Why remarry in your 80's?

Just enjoy the time you got left

Sounds like your dad has his house in order, especially with the trust, but just as a cautionary tale, my FIL got burned pretty badly in one of these later in life remarriages (around 55-60 though, not 80) where he made a few mistakes post-marriage to get some stuff tangled up as potentially community property and the new wife's kids pulling a ruse to disappear their mom's will because her dying intestate was a far better scenario for them. Long story, but just a watch-out. Really pathetic because their mom got dementia and he took great care of her until death - paid for 24/7 live in nursing for a few years while her kids visited her a 1-2 per year. But in the end, they got a bite out of him and some attorneys got paid

The main lesson is that life can bring change, and a house in order today estate-wise may not be 100% in order tomorrow for various reasons. It is a never-ending job.

Grandpa bought a rubber.

In!

That's all sorts of awesome.

I will agree that a discussion with an estate planner might be helpful.

But, if this is a regular reverse mortgage, I do not, at all, understand the concern, unless the plan is for the couple to be living at the underlying home.

If the person with a reverse mortgage dies, the house goes to the investor. Full stop. That's it. The only loss is the property.

Maybe that is the concern, in that the couple wants to live there, and if the lady dies, the man can't live there anymore.

You can buy back the reverse mortgage. It's expensive, but you can do it.

You can also extend the reverse mortgage to include the man. If he is in his 80's, it probably wont be crippling.

But, there is no debt past the real estate. At least there shouldn't be. Consult a lawyer, read the contract.

Average Guy said:

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SMM48 said:

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He doesn't assume her business just cause they get married. It doesn't quite happen that way in probate. But if one can avoid it. It's best to take it out of the courts hands and leave no doubt.
A simple phone call to estate planning attorney will answer any questions he has.

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Is there such a thing as a "simple phone call" to an attorney?

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It depends . . .

My Name Is Judge said:

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Why remarry in your 80's?

Just enjoy the time you got left

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Because marriage is more than a financial arrangement. It's a covenant.

Bird Poo said:

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My Name Is Judge said:

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Why remarry in your 80's?

Just enjoy the time you got left

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Because marriage is more than a financial arrangement. It's a covenant.

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If he's worrying about 'assuming her debt', it's more than a covenant. It's a financial decision.

This is the sort of thing pre-nups are for.

C@LAg said:

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Bird Poo said:

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My Name Is Judge said:

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Why remarry in your 80's?

Just enjoy the time you got left

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Because marriage is more than a financial arrangement. It's a covenant.

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that does not answer the question of WHY get married.

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Religious reasons?

Bidens leg hairs said:

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A reverse mortgage isn't debt. It's an annuity.

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This is correct until she passes. At that point, it becomes a debt that must be repaid by the estate or heirs.

Ag with kids said:

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My Dad (who's 81) just mentioned that he might want to remarry (she's 82). I know her and she's awesome. If it makes him happy, then I'm great with it.

HOWEVER (you knew that was coming, didn't you), she has reverse mortgage on her house. She lives close to my Dad. They live a little west of San Antonio.

His only worry is that he doesn't want to end up assuming that debt if she passes away before him. He's not poor at all, but he's always been really smart about his money.

What do the Texas laws say about this.

I know (generally) that property and (maybe) debts are not part of the community property, but how would this factor into that?

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Check your contract. A lot of reverse mortgages allow for a "redemption" or some other way to redeem the home before the title goes to the reverse mortgage company. In fact, just about every single one I've seen offers that option.

BMX Bandit said:

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What debt is is worried about?

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I know nothing about reverse mortgages. I just assumed it was a debt that could be passed on. Apparently, from this thread I have learned this is not the case.

codker92 said:

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Check your contract. A lot of reverse mortgages allow for a "redemption" or some other way to redeem the home before the title goes to the reverse mortgage company. In fact, just about every single one I've seen offers that option.

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I'm not sure what you mean by 'redemption.' Despite some of the comments here, a reverse mortgage is a just mortgage. The owner still owns the house. It's not an annuity. It's the same as a home equity loan, exvept you don't have to make payments until you sell, move or die. You ALWAYS have the right to pay off the loan. After the person's death, the heirs have a certain period of time (30) days?) to repay the loan before the lender forecloses. There are procedures for extensions of this deadline if the heirs have the property listed for sale.

Tom Selleck was right.

B-1 83 said:

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This is the sort of thing pre-nups are for.

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ACTCHUALLY a pre-nup is not needed for this sort of thing

BMX Bandit said:

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B-1 83 said:

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This is the sort of thing pre-nups are for.

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ACTCHUALLY a pre-nup is not needed for this sort of thing

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What I was referring to was all related sorts of things. I figured this would be somewhere in that category. Only a fool goes into a second marriage (especially at that age) without one.

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What do the Texas laws say about this.

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Get a prenup.
Ensure wills are in place.

Quote:

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A reverse mortgage isn't debt. It's an annuity.

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It is debt.
You are going in debt with high fees to get cash now.
They are high fee, garbage products that are advertised between to snuggies and Nevage ads on TV.

B-1 83 said:

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BMX Bandit said:

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B-1 83 said:

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This is the sort of thing pre-nups are for.

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ACTCHUALLY a pre-nup is not needed for this sort of thing

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What I was referring to was all related sorts of things. I figured this would be somewhere in that category. Only a fool goes into a second marriage (especially at that age) without one.

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Yeah my aunt's dad went through this after his first wife passed away. Rushed into a marriage and ended up losing half of everything.

Bidens leg hairs said:

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A reverse mortgage isn't debt. It's an annuity.

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Technically yes. Practically no. The debt you owe at the end of the series of payments you receive is the house.

TxTarpon said:

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Quote:

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A reverse mortgage isn't debt. It's an annuity.

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It is debt.
You are going in debt with high fees to get cash now.
They are high fee, garbage products that are advertised between to snuggies and Nevage ads on TV.

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I agree it is a horrible investment and borders on predatory lending. But practically speaking you've signed over the house and receiving an annuity based on the equity. At the end of it all the reverse mortgage company gets the house.

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I agree it is a horrible investment

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I've never heard anyone refer to a reverse mortgage as an "investment"

do people really think thats what it is?