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Reverse mortgage not a good choice for income to delay Social Security
Most people today realize that the best way to get a larger Social Security benefit is to delay applying, at least until your full retirement age or even until you are age 70. But to do that, you may need an additional source of income to pay your bills while your Social Security benefit grows in value. Continuing to work or drawing on your retirement savings are two ways that can help with that, but a reverse mortgage is probably your worst choice because in the end it costs more than you’ll get in bigger Social Security payments. This USA Today article by Robert Powell explains the details of a report by the Consumer Financial Protection Bureau warning against using a reverse mortgage to cover the income gap while you delay Social Security. Click here to read more.
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