For many of us, taking our Social Security benefits at 62 sometimes is an economic necessity rather than an option.  But the longer you wait, the more your SSI entitlement grows. If you wait until you reach age 70, your monthly Social Security Benefit can be as much as 57% higher than taking it at 62.

Like many Americans, the Great Recession had left John “underemployed”. He had a job, but it paid significantly less than the one he lost when his company was right-sized.

Just getting by wasn’t enough for John, so he began looking for ways to increase his income and/or reduce expenses. Fortunately, he found both.

When John received a postcard in the email inviting him to an educational workshop, he knew he would have to sit through a sales presentation, but it came with a free meal, so what the heck.

When the evening was done, however, he had learned he may have found an answer to one of the retirement questions that kept him awake at night.

How did the New Reverse Mortgage help John?

John’s first instinct was to start drawing his Social Security benefit, but after attending the sales presentation, he realized he would be leaving quite a bit of money on the table if he did that now. His pension would start in two years at age 65, which would help… but if he could just wait until 70 for his SSI...

The New Reverse Mortgage to the Rescue

John was looking for a way to “bridge the gap” until his pension and then SSI kicked in. A Reverse Mortgage provided him the solution he was looking for in ways he hadn’t expected.

Paying off his mortgage John was relieved of a $1750/monthly debt. “Just like getting a $1750 raise in pay, which is more than what my SSI at 62 would have been at 62 John told us."

John’s SSI Bonus…a retirement paycheck

In addition to making him mortgage payment free, we were able to structure his Reverse Mortgage so he would receive monthly tax-free income for the years until he reached 70 and could draw his maximum Social Security benefit.

John is sleeping better lately with dreams of a secure retirement dancing in his head.

This material is not from HUD or FHA and was not approved by HUD or a government agency. The story depicted is a composite of real client experiences. Individual results may vary. A Home Equity Conversion Mortgage (HECM) is a loan secured by your home. Borrower remains responsible for paying property taxes, homeowners’ insurance, and maintaining the home.