A gray divorce is classified as a divorce for couples who are over the age of 50. A report claims that the number gray divorces are increasing and the reverse mortgage industry could help streamline them.
"For some, a divorce can result in a reverse mortgage to find some kind of supplemental financing in retirement, shoring up the loss of one person’s household income," according to Reverse Mortgage Daily.
"For others, a reverse mortgage has the potential to provide payment to a displaced former spouse, but no matter who it affects, divorce is a universally disruptive occurrence for any couple that experiences it."
Some reverse mortgage professionals see potential business when it comes to gray divorces. Taking up a reverse mortgage could aid those who are struggling to get by without the income from their spouses.
"This can naturally lead to a conversation between originator and client about how costs of living are on the rise across the country, and the necessity this often creates for additional income," according to RMD.
To learn more about gray divorces and how reverse mortgages could help streamline them, click on the image above.