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Taking a Look at Reverse Mortgages as a Social Security Deferral Strategy
Many financial advisors suggest the federal government’s reverse mortgage program as a way to put off filing for Social Security benefits. Yes, the influx of cash can enable one to defer filing, but is it always the right thing to do? Consider this: “The Consumer Financial Protection Bureau today issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage exceed the cumulative increase in Social Security lifetime benefits that homeowners would receive by delayed claiming.” Jack Guttentag of the Tribune News Service takes a look at the implications of the reverse mortgage strategy in an article posted on www.vcstar.com. Check it out here…