Another difficult trend in retirement is that divorce rates have doubled for those 50 and older over the last 25 years, according to the Pew research center. Silver divorce is a major hurdle to overcome during retirement. The common wisdom says that 2 can live cheaper per person than 1 can live alone. Losing half of your 401k, savings, and having to find a new place to live, or paying the mortgage payment alone can be a heavy burden for someone dealing with the loss of a partner and everything that goes along with it.
Jocelyn Wright, director of The American College State Farm Center for Women and Financial Services and assistant professor of women’s studies exhorts women to get a financial plan together as early as possible. She points out that part of that financial plan should include the review of a reverse mortgage. Lorraine Geraci, vice president of the training division at Finance of America Reverse (FAR), explains that a reverse mortgage is a convenient way women can get through these life events by tapping into their home equity. Often times, retirees, and financial planners alike may overlook their largest asset in retirement planning. A retiree spends their entire working life paying off or paying down their home mortgage. A reverse mortgage allows those 62 and older to stay in their home, without a monthly mortgage payment, and at the same time use the equity they have spent a lifetime gaining in their home. When major life events happens, it is always a good idea to take a step back, and review your larger financial picture with a trusted advisor for fresh options that will increase your peace of mind in retirement. To see what a reverse mortgage can do for you, contact: Robert Snow Krepps , NMLS # 255191, at rkrepps@hightechlending.com or 877-567-7476.
HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
