When a spouse passes, it’s a very difficult time for the widow and the family. In addition to the emotional toll, it’s not uncommon to face a sudden and often unexpected financial toll. After a spouse passes, it is more common than not that there will be a reduction or elimination of the deceased spouses pension or social security benefits. This can create a serious strain on the widow to continue to make mortgage payments, property taxes, homeowners insurance, home repairs, in addition to other daily expenses.
If you are a widow financially struggling without your spouse, a reverse mortgage can be of benefit. Senior homeowners age 62 and over may qualify for a reverse mortgage. A reverse mortgage does not have to be repaid as long as the homeowner continues to live in the home. This can make it possible for a widow to remain in the home without the financial strains that may be present otherwise.
If you are a married couple considering a reverse mortgage, you can find some helpful tips here. You can also learn more about what happens to your home after both spouses pass away here.
Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.
One thought on “Can a Reverse Mortgage Benefit a Widow?”
Jan – My spouse is 59, and on the 1st mortgage, but not the primary – I’m 64 – do we qualify?
Does a reverse mortgage include the second mortgage ?
Thank You – Scott