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, regardless of income or credit. 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.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.