Reverse mortgage facts
If your a senior over the age of 62 and own your home than you have probably heard of a reverse mortgage or have been cold called from somebody trying to give sell you one. There are a lot of misconceptions and misnomers about this mortgage. First, it’s an incredible financial tool if used correctly and can save you money as well as make you money, let me explain. How a reverse mortgage can make you money is very simple. If you use your new reverse mortgage as a means of income and delay the collection of social security benefits your award from social security increase significantly.
If your scheduled to collect $1500 per month in social security benefits at age 62 but defer to age 70 your award can be as great as $1950 per month. That’s a life changing difference when factoring a fixed income scenario. You can also use a reverse mortgage to buy a home and what that empowers you to do is continue to live in which your accustomed to and keep cash reserves on hand to use for whatever reason you want. Since a reverse mortgage requires that you receive third party counseling to ensure you understand it and know your options I consider it one of the safest and most straightforward products that seniors have today.