Is a Reverse Mortgage Right for Your Divorcing Couples Over 62 years old?
Divorcing later in life is not a new phenomenon, but it is becoming more and more common. Indeed, the increased occurrence of “grey divorce,” as it’s called, has been identified as a significant 21st century divorce trend. Even though the overall divorce rate is actually declining, it’s on the rise among older generations.
Those of us in the business of helping people plan for a secure financial future have long known that grey divorce presents a unique set of challenges to our clients. A reverse mortgage might represent a new strategy for making the recipient of a divorce settlement last as long as possible.
Reverse mortgages were created specifically for senior homeowners, 62 years and older, who want to convert part of their home’s equity into loan proceeds. With not only the rising financial requirements of senior homeowners but when there is limited or fixed income in a divorce situation, reverse mortgages are becoming a popular option and tool to supplement income.
How can a reverse mortgage help your divorcing clients? Call me for more details.
mortgageprosus.com/divorceandyourmortgage
Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office: (214) 945-1066
www.MortgageProsUs.com
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.
