As the awareness of Reverse Mortgages grow, many folks are learning the benefits of this government insured program and adapting it to their financial planning needs. I have recently seen an increase in couples inquiring about Reverse Mortgages as a financial protection tool for their spouses in the case of one of their deaths. You see, the largest benefit of a Reverse Mortgage is the elimination of a monthly mortgage payment. Many couples who are easily making their mortgage payment now, would not be making that payment so easily had their income been cut in half by the death of a spouse. In this situation, a couple may be making a $500 monthly mortgage payment on a Social Security income of $2000 a month. However, in the case where a woman is recently widowed, she not only loses her h...
Comments
0