Consider the breadwinner/housewife scenario as outdated as it may seem.A husband, who has been dependent on his wife to do the house cleaning, cooking, errands, etc., may have a hard time adjusting to living by themselves. A wife, who ha not prepared herself professionally, might have a hard time sustaining herself after a divorce.
Forbes, however, has a potential solution for the grey divorce phenomenon: a reverse mortgage.While this is contingent on whether or not you keep the house after the divorce, a reverse mortgage can be a viable option for divorced seniors. For the husband, the reverse mortgage can offer them and additional source of income for the proverbial “rainy day.” In addition, it can provide a substantial cash flow boost that may be used to pay for home repairs and any future long-term health-care adjustments. For the wife, the same benefits apply. However, according to Forbes, a reverse mortgage may also represent a “new strategy for making their settlements last as much as possible.” In a sense, a reverse mortgage will provide enough cash flow so that divorced women do not have to sell their depressed investments to cover expenses while they wait for their investments to rebound. Sensibly used reverse mortgages can provide enough income for both the breadwinner and the housewife, without breaking the bank. As the reverse mortgage program in the new reverse mortgage, seniors going through a “gray divorce” should brush up on the reverse mortgages well. It may be just the answer they’ve been searching for. Interested in a reverse mortgage program or want more information? Give PS Financial Services a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire.