Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

Subscribe Now



Caught up in the Baby Boomer Divorce Boom? Be Prepared for the Financial Challenges
Retirement Tips

Caught up in the Baby Boomer Divorce Boom? Be Prepared for the Financial Challenges

As divorce becomes less common for younger adults, Americans over 50 are getting divorced at a much higher rate than they used to, according to a 2017 report from Pew Research. Based on data from the National Center for Health Statistics and U.S. Census Bureau, the study found that among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s. This phenomenon has been coined “gray divorce.”

The rising popularity of gray divorce

So why the spike in divorces among baby boomers? Several factors can play into this decision. For some, it’s empty nest syndrome. The kids are grown or off at college, and now that mom and dad have become husband and wife again, they find that their interests outside their family have taken different directions. Other factors:

  • Longer life expectancy increases the chance that marriage will end in divorce rather than widowhood.
  • Baby Boomers were the first group to divorce and remarry in young adulthood; typically, the rate of divorce is 2.5 times higher in a remarriage compared to a first marriage.
  • The rise of social media, as one in three divorce filings mention online affairs.

Unique financial considerations for older partners

Financially speaking, gray divorcees often face more complex issues than their younger counterparts:

  • Equitable division of pension plans or retirement savings
  • Caregiver responsibilities for aging parents or dependent children/grandchildren
  • College funding, including ownership of 529 college savings plans
  • Expectations of heirs
  • Collection of Social Security
  • Life insurance to cover alimony obligations

Clearly, informed financial decision-making is critical when faced with the possibility of a gray divorce.

Consider all the financial possibilities and ramifications

Most divorces end with mutual assets such as a home being sold and profits split as a couple goes their separate ways. For older homeowners, this may prove more difficult — especially if much of their equity is tied up in their home. What if it’s not the best time to sell, and both owners are counting on maximizing their real estate investment to fund their retirement? Or one spouse wants to remain in the home, but can’t afford to buy out the other’s share?

In situations like these, a reverse mortgage could be the answer. As more older couples divorce, this type of loan is becoming an increasingly popular financial planning tool. Instead of making payments to a lender, the homeowner can choose to receive monthly advances. They might also opt to receive a lump sum, maintain a ready line of credit, or a combination of these to suit their individual situation.1 This can be a godsend to couples who are ready to part with each other, but aren’t quite ready to part with their investment.

Used correctly, a reverse mortgage can help couples who are divorcing reach their financial goals and help them leverage the equity in their home into a more comfortable retirement.

For homeowners and homebuyers age 62 and older, a reverse mortgage loan can help eliminate the burden of monthly mortgage payments and free up cash for unexpected expenses, healthcare costs or home improvements. As part of their loan obligations, borrowers remain responsible for keeping current with property taxes, insurance, maintenance and any homeowner’s association fees.

If you’re 62 or older and considering a divorce but have held off for financial reasons, you may want to consider the benefits of a reverse mortgage to leverage the equity in your home. Reach out to a knowledgeable reverse mortgage specialist from Reverse Mortgage Funding LLC by calling 888-277-1567, so you’re up to speed on the options available to you.


If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

Check Eligibility

1 Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.

This information is intended for those who are interested in financial education. This information is provided for convenience only, and RMF make no warranties concerning the accuracy or completeness of any of the information. Information is subject to change without notice, and RMF is under no obligation to provide updated information. Materials or statements made by a third party and located or posted on the Site are those of the third party and do not necessarily reflect the official policy or position of RMF. This is not financial, tax, compliance or legal advice and should not be taken or relied upon as such. Each individual should consult with his/her financial, tax, or legal professional.  All mortgage origination services are provided by Reverse Mortgage Funding LLC, a state licensed mortgage lender, which is licensed or otherwise exempt from state licensing in the states in which it originates mortgage loans.



Subscribe to Retirement News with Professor Craig

Join our mailing list to get the latest in lifestyle content, financial advice, news and information from Professor Craig to live a better retirement.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

Get Your Free Reverse Mortgage Quote

By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.