Reverse Mortgages, Divorce & the Power of Home Equity with Laura Phillips

What if the equity in your home could give you more options during divorce and retirement than you realized?

In this episode of Dishing on Divorce, Mandy and Deanna sit down with Laura Phillips, a licensed Reverse Mortgage Specialist in Colorado with more than 25 years of experience in real estate lending, to demystify reverse mortgages and explore how they can be used as part of a broader financial strategy.

Reverse mortgages have changed significantly over the years, yet many of the old misconceptions remain. Laura explains how today’s reverse mortgages work, who may qualify, the protections now built into the process, and why she views home equity as a financial tool that deserves a place in retirement planning conversations.

The conversation gets especially interesting when it comes to divorce later in life. Laura shares how a reverse mortgage may help someone 62 or older:

• Access equity to buy out a spouse and remain in the marital home
• Purchase a new home after divorce without using their entire nest egg
• Create a line of credit for future retirement expenses
• Improve cash flow without a required monthly mortgage payment
• Fund home modifications or in-home care to support aging in place
• Preserve other retirement assets for future needs

Laura also explains negative amortization, non-recourse protection, FHA mortgage insurance, reverse mortgages for purchase, what happens when the homeowner eventually sells or passes away, and situations where a reverse mortgage may not make financial sense.

Most importantly, this episode is about asking a bigger question: What can your home do for you?

Whether you are navigating a gray divorce, planning for retirement, considering whether to keep your home, or simply curious about how home equity fits into your financial future, this conversation may introduce options you did not know existed.

Connect with Laura: https://lauraphillips.com/

Connect with Mandy and Deanna: concierge@vestadivorce.com