Today, there are more single women as Reverse Mortgage borrowers than ever before. According to the census bureau there are roughly 10% more women than men in the 65 and older category and that trend is rising every year. Statistically, women live longer than men, but the fact that remains is men have usually been the breadwinners in the family. So what happens when the man passes away and his benefits are now sent to the widow, but get severely cut, by possibly 50% or even more. The widow will now have to lower her monthly cost, by selling her home and other possessions just to maintain a certain standard of living. Unfortunately, since women are typically not the breadwinners, they may have been out of the loop financially and may not know what options they have. Fortunately, a Reverse Mortgage could be the answer to be able to keep the home and not worry financially for the rest of their life.A little over 40% of Reverse Mortgages today are used by single women and that percentage is growing every year. Back in the early 1990′s it was mostly men making all the financial decisions in the retirement years, but as more women are increasingly outliving their partners, they are feeling more empowered to take up the financial responsibilities head on.
The average home loan balance for a person or couple in retirement is around $85,000 and has roughly 60% equity in the home. The reverse mortgage can be a perfect solution for a widow looking to decrease monthly expenses and increase monthly income to help offset the loss of income from their spouse. A reverse mortgage will stop any monthly payments and if there is enough equity in the home, the widow may be able to take out a lump sum of cash for other costs or even take a fixed monthly payment as income for the rest of her life.
There are many options with a reverse mortgage for single women in their retirement years. Of course, not only can a reverse mortgage be a solution for single women, but can be the solution for any person the age of 62 years and older.
Single Women as Reverse Mortgage Borrowers
![Single Women as Reverse Mortgage Borrowers]()
Reviewed by Merlyn Rosell
Published :
Rating : 4.5
Published :
Rating : 4.5