Is a Reverse Mortgage Right for Your Divorcing Homeowners?
Divorce has declined in the US for everyone except couples over the age of 50, whose rate has doubled since 1990.
Divorcing later in life is not a new phenomenon, but it is becoming more and more common. Indeed, the increased occurrence of “gray 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.
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?
Flexible Payout Options can be a great...