What You Need to Know About Reverse Mortgages and Social Security

Posted on :  March 31, 2016

Most people that come close to retirement depend on their savings, a pension, and Social Security. As the economy continues to see a downturn, the sad reality is that there are employers that are no longer offering pensions to employees. With the standard of living that is changing for people that are getting older, the ability to save can be difficult. Studies show that 60 per cent of Americans are unable to save money towards their dream retirement.

This leads many seniors with the option of accessing money from the equity in their home through a Texas reverse mortgage. A reverse mortgage is a suitable option for people who are not ready to retire and are paying towards a home loan for a long period of time.

Did you know a reverse mortgage can help you with deferring Social Security benefits? Speak with Texas Senior Lending about deferring the benefits of your Social Security via a reverse mortgage.

 The two essential parts to keep in mind is asking one of our Financial Advisor if you will end up paying more in interest on a reverse mortgage for claiming Social Security early. We recommend that you wait until full retirement age for your Social Security. However, if you have no pension plan and waiting to receive your Social Security benefits is the last resort, consider making use of the equity in your home.

Texas Senior Lending is available to speak with you to ensure that you plan a budget for Medicare costs that eat up most of your income. We will sit down with you and review the options that will work best with your lifestyle. Call us today to discuss a Texas reverse mortgage!

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