Making Sense of Reverse Mortgages Information you need to make a good decision!

October 29, 2013

How Reverse Mortgages can Benefit Older Divorcing Women

Filed under: divorce,financial planning,Reverse Mortgage — Scott Larson @ 9:20 am

Forbes.com has an interesting piece in their Personal Finance column by Jeff Landers about “Grey Divorce”  and it’s impact on older women.  There are significant differences that have to be addressed due to the amount of time left to “recover” financially, when compared to a younger cohort.

When considering whether to keep a house affordability is a primary concern, and if a woman is in a position to set up a reverse mortgage when she reaches 62, it may impact her decision whether or not to fight for the house in a divorce situation.  It is only a small part of the divorce decision, but once again a reverse mortgage could be useful tool in the right situation.

One other thing to consider is how the memories will impact the decision to stay.  Having been through a divorce myself, and also when I lost my father, a decision had to be made regarding real estate.  You need to consider if the memories are positive, or if they impact negatively on your willingness to stay in the home.  If the decision is to stay, a reverse mortgage may be a tool to help.

To read the Forbes.com article, click here

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