In my career, more that half of the Reverse Mortgages I’ve done have been with Single women. Some were never married, many were widowed. And, there have been many widowers.

What is common to all single seniors is this; one income. When a spouse passes, so does their monthly Social Security payment. Yes, there is an adjustment, but it is always much less than two checks.

I recently did a Reverse Mortgage for a widowed man. His son is taking care of his finances, homecare and all other obligations. He wanted to keep his dad in his home but the cost was higher than his fathers monthly income. We did a Reverse Mortgage, the money from his home is now allowing him to stay in his home.

There is a recently widowed woman who is going to sell her long-time, large home to purchase a more-manageable townhome. She will purchase her townhome with a Reverse Mortgage. This is how we will do that.

She will list her home and look for her new townhome. The money from the sell of her home will provide the down payment for the townhome. The numbers will look something like this. (Just estimates) –

-Townhome cost: $500,000 -Down payment: $315,000 (from the sale of her current home)

-Reverse Mortgage purchase money: $185,000

-Monthly payment, optional.

-Income qualifcation, her retirement and some part-time work.

Those are few of my experiences with Solo Seniors and their Reverse Mortgages.

Mark Schmidt 720-206-4539 NMLS 846014 CO 100037582