Call: (251) 625-0444 /  NMLS 193181
Alabama Purchase, Refinance, and Reverse Mortgages

Women Face Deep Disadvantages in Retirement

Women Face Deep Disadvantages in Retirement

Women account for a disproportionately large chunk of retired Americans, but shoulder a disproportionate amount of the burdens that older folks carry as they age.

Women don’t just earn less because of the enduring pay gap — they also take extended time off to take care of children or other family matters, clocking an average of 12 years out of the labor force, and that is going to have a big impact on their Social Security income, as Social Security calculates benefits in part on the amount of time one spends in the workforce.  In addition, women are far more likely to work part-time during their careers in order to juggle childcare, and even those who work full-time might have to decline promotions or positions that require significant travel, potentially restricting access to employer-sponsored retirement plans and hindering their ability to build significant quantities of retirement savings.

And after a lifetime of these structural and social disadvantages, women often find themselves alone in their golden years: There are 6 million more women than men above the age of 65, as men generally have shorter life expectancies.

For most women, widowhood is inevitable, and often for an extended amount of time: 15-year periods of widowhood are not uncommon.

Once the husband is gone, the widow loses his Social Security benefits, and may have to endure health problems alone — often after providing care to their ailing husbands toward the end of their lives. And while many couples plan for a long retirement, Stone pointed out that older married folks tend to only think about their life together as a couple, and not about what might happen when one of them dies.

Faced with these facts, a Home Equity Conversion Mortgage, or reverse mortgage, can be a significant part of women’s retirement planning.

Home Equity Conversion Mortgages can allow adult children to provide care for their elderly mothers in the family homestead, allowing her to maintain her lifestyle by providing financing for in-home extended care.

If you know someone who may be a candidate for a Home Equity Conversion Mortgage, ask them to call today.  In the 17 years we have been in business we have helped many people with this product, and we have seen the tremendous difference it can make in someone’s peace of mind and well-being.

No offering Home Equity Conversion Mortgages (Reverse Mortgages) in Alabama and Florida.

Call 251-625-0444

Penny H. Phillips, CRMS, CMHS, NMLS# 204553

Certified Residential Mortgage Specialist

Certified Military Home Specialist


Southchase Mortgage  NMLS# 193181