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. The funds are available via monthly installments, a line of credit that grows over time, a lump sum, and even to purchase a new home.
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.
Janis Layman is a Reverse Mortgage Specialist serving the Seattle, Lynnwood, Edmonds, and Shoreline areas of Washington. Contact Janis and learn if reverse mortgage is right for you.