Reverse Mortgage Benefits Older, Divorced Women

According to this Forbes’ article, divorce amongst older people are now a growing 21st century phenomenon, referred to as “grey divorce,” with the overall divorce rate declining, but rising amid older generations.

With the number of older people divorcing, this article refers to reverse mortgages as a financial tool that can be especially helpful to older, divorced or divorcing women.

Financial advisers are beginning to come around to talk about the benefits of reverse mortgages for seniors as a financial tool for their retirement years. For older, divorced women, it could serve its purpose as a strategy to help make their settlements last longer. With different concerns and access to financial products than their younger counterparts, reverse mortgages can offer something different to them with the benefits offered to them in this program.

Women, who are 62 years or older, own their homes and have substantial equity are able to take out reverse mortgages. Many people benefit from the freedom from using their reverse mortgages loans the way they please, which means, it can help newly single women use it to pay off mortgages, use for health care, bills and other necessities that they may have difficulty paying for after their divorce. There are also no required monthly payments that need to be paid and divorced or divorcing women can find that financial freedom for a new stage in their lives.

While this article referred to divorcing women, it can also apply to men who are going through divorces who can use their homes to help with the transition.

If you are interested in learning more about how a reverse mortgage can help you, speak with an advisor at 1-888-808-8486

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About the Author:

I have been working in the reverse mortgage industry for 20-plus years. My goal is to provide consumers the most up-to-date and relevant information about the reverse mortgage industry and how it can affect them.

Thanks for reading!

-Alan F.

Image courtesy of [mrpuen] / FreeDigitalPhotos.net