Boomer getting divorced here. We are selling our current home and I need to get a new place to live, but less money than I would like to get started. I just saw an ad for reverse mortgages, would that help me?

DWQA QuestionsCategory: Divorce HousingBoomer getting divorced here. We are selling our current home and I need to get a new place to live, but less money than I would like to get started. I just saw an ad for reverse mortgages, would that help me?
Daniel VaughnDaniel Vaughn asked 1 year ago

Yes, it may be a good choice.  A Reverse Mortgage is essentially an FHA Mortgage designed for seniors.  Many people in your situation do use these types of mortgages because they allow for the homeowner to not have to pay.  I would always recommend speaking with someone who specializes in divorce and who specializes in reverse mortgages as you situation is the intersection of two pretty complex situations.  Always make sure that you include your financial advisor in the discussion.

1 Answers
Douglas Katzdouglas.katz Staff answered 1 year ago

Although not an expert in Reverse Mortgages, I can tell you they are a viable solution for you situation.  In many cases, you can acquire a home with little impact on your monthly cash flow.  They are heavily regulated which gives a good amount of safety for you, but that can create some hoops to jump through.  I would make sure that you include Reverse Mortgages in the options that you evaluate, but look at other ones as well to make sure that it is the BEST solution.

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