Delaying benefits by taking a reverse mortgage not a good strategy
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If you don’t really need the money right away, many advisors will suggest you delay taking your Social Security benefits in order to get a bigger check when you finally apply. Generally, that’s a good strategy as long as you have the financial resources to allow that to happen. But what’s not a good idea is to use a reverse mortgage to provide you with income in order to let your Social Security benefit grow. This article by Ryan Smith of Mortgage Professional America magazine discusses a warning issued by the Consumer Financial Protection Bureau against using a reverse mortgage to bridge the income gap while delaying Social Security. Click here to read more.
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