Delaying benefits by taking a reverse mortgage not a good strategy
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.
Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.