Use a HECM to Delay Taking Social Security

By delaying taking social security, you can increase your monthly benefits. However, the reduced income during those five years can be a challenge. Reverse mortgages provide an opportunity to supplement that income and leverage your home equity without having to sell or make mortgage payments. These loans allow you to get money from the bank based on the value of your home, which you don’t have to repay as long as you live in it. This provides financial flexibility by not having to draw from your social security early, allowing you to wait until full retirement age for larger payouts later. If you choose to draw social security when you are 62 instead of waiting until your full retirement age of 67, then your benefit will be about 30% lower than it would be at full retirement age. Reverse mortgages can help bridge the gap and provide supplemental income during those five years, allowing you to maximize your social security benefits later on.

By leveraging your home equity with a reverse mortgage, you can increase your financial flexibility and have peace of mind knowing that you don’t need to draw from your social security early in order to make ends meet. It is an excellent way to supplement retirement income and ensure that you receive the highest benefit possible when it comes time for you take social security. With a reverse mortgage, you can confidently delay taking social security for larger payouts later in life.

Visit our Reverse Mortgage (HECM) page for  more information.  https://www.5280loans.com/reverse/

Email: info@5280loans.com

Phone: 833.5280.LOANS