Resources
docs and links
Feel free to download these documents or click on helpful links to learn more. This information is provided for educational purposes only.
information for family lawyers
The vast majority of my clients come to me via an attorney referral. Typically the attorney sees residential property and has already had a conversation with the client about whether s/he intends to ask for the marital residence in the division of assets. Attorneys have mentioned it’s extremely advantageous to KNOW the client can qualify for a mortgage individually … before mediation even is planned!
information for CFAs, cfps, wealth managers, estate planners
The relationship between the Certified Divorce Lending Professional (CDLP) and the financial advisor(s) flourishes under ideal circumstances. The financial advisor might bring in the CDLP to pre-qualify the client or advise on “best picture” income and assets in a case where there will be a new mortgage. Other times, the work of the “CDLP + attorney” team paves the way for the client to engage a financial advisor after the divorce is final. If there are QDROs (Qualified Domestic Relations Orders) to divide retirement funds or plans, a financial advisor may be a key part of the client’s team early in the process.
for consumers: planning for divorce
It is unusual for a homeowner to contact me directly about a divorce loan unless the homeowner is my friend/colleague, etc. It has happened, however, and I included this section for homeowners pondering divorce.
If you find yourself in this situation (thinking about filing for divorce or confronting the possibility your partner might file), I am always happy to answer “what if” scenarios and help with general brainstorming. You might also want to join my Facebook support group here.
Debt Considerations in Divorce
If you are divorcing a “High Conflict Individual,” it is natural to feel isolated. That person deploys tactics and strategies to make you feel unsure, anxious and afraid. It’s important to know empirical data on this personality type is widely available and every family lawyer I’ve worked with knows the characteristics of this person. There is a section describing this type of behavior (and test questions!) in the Certified Divorce Lending Professional (CDLP) training coursework, too.
I have been impressed with the work Angel Butler is doing in the Houston area. Below are links to her website and a document with more information on her personal story.
A Conversation with Red Thread’s Angel Butler-Diamant
To learn more about divorcing a High Conflict Individual or post-separation abuse: One Mom’s Battle
In some cases, a divorcing couple has assets beyond the marital residence. Maybe one person is self-employed or the beneficiary of a trust. Often the couple – while married – built up a diverse portfolio and is unsure how it will be divided in divorce. One professional working in that space is Amy Colton in Austin: Your Divorce Made Simple. Amy is a Certified Divorce Financial Analyst (CDFA) and mediator.
for homeowners or prospective homeowners
Are you considering a divorce and thinking about refinancing the house? Or are you dreaming of buying your next place?
Owning real estate is an important part of the American lifestyle and it’s a big commitment. Internet-based mortgage companies make all kinds of offers and it can be difficult to choose what’s best for your situation.
No matter what real estate transaction you might be contemplating, it’s a good idea to get prepared for the application and loan process. Is your credit in good shape? How do you go about getting pre-qualified? What about interest rates? Watch this space for documents you can download … I hope to answer many of your initial questions. And I’m right here in Texas, familiar with Texas laws and customary loan charges. Don’t leave the most important part of your financial portfolio to someone you can’t find on a map.
More Information for Realtors and Consumers
reverse mortgage for senior homeowners
Reverse mortgages have been around since a local bank made what is widely regarded to be the first reverse mortgage in the 1960s. The owner of the Maine bank made a loan designed to allow his former coach’s widow to “age in place.” It would be a while before the idea caught on … and in 1987, the Home Equity Conversion Mortgage (HECM) was insured by the federal government.
Today’s reverse mortgages follow the same principle – allow an older (the borrower must be at least 62 years old) homeowner to live in his/her home with no required monthly payments. The homeowner still must maintain homeowner’s insurance on the property and keep the taxes current. In my many years of originating these loans, I have seen savvy older homeowners do amazing things with these loans while preserving other classes of assets. A reverse mortgage works exceptionally well when the homeowner’s heirs have no interest in keeping the property after the homeowner has vacated it. Find more information below:
National Reverse Mortgage Lenders Association
Journal of Financial Planning – Reverse Mortgage 2012
San Antonio Business Journal – Reverse Mortgage Myths 2007 (my article)
