One of the things that you may not take into consideration when doing financial planning but which undboutedly has an underlying impact on your choices is the structure of your family. A recent article has taken a look at three common family structures - traditional families, blended families and single woman families - with regards to how the structure itself impacts the financial planning that is done by the head(s) of the household.
What was interesting to find was that financial planning differed greatly among people from different types of family structures but that plans for use of the reverse mortgage to supplement income did not vary significantly between the three types of family structures. The only difference was in the percentage of people who had this option available to them (a single woman is less likely to own property than is a traditional or blended family). Those homeowners in all categories did, however, consider the reverse mortgage to be an important tool in financial planning regardless of the other financial decisions they would be making.
Question of the Day: Why does the reverse mortgage remain a constant between family structures when other financial planning options do not?
