A Reverse Mortgage Line of Can Maximize Your Social Security Income
A word of caution...there are many circumstances under which this strategy is not smart. There is a cost and it can be substantial. Our job is to determine the circumstances where using a Reverse Mortgage Line of Credit and deferring social security is a win for the consumer, or rather, that it aligns with their goals, lifestyle expections, and needs.
Maximize Your Spending Power
Using this strategy must involve a financial planning professional and Social Security benefits expert, and a discussion about long term needs and expectations. This strategy creates more spending power while living in the home. However, if you intend to move, even within 10-15 years, we caution not to use home equity in lieu of drawing on Social Security benefit, unless there is no better alternative to meet immediate needs.
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