Reverse Mortgage

Reverse Mortgage - Delay Social Security. What are the biggest concerns about getting a reverse mortgage?

Reverse Mortgage - Delay Social Security video duration 5 Minute(s) 46 Second(s), published by The Reverse Advisor on 28 08 2018 - 14:55:12.

Those who delay starting Social Security can get up to 75% more than those who apply early, but how do you bridge the income gap? To see if a home equity

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Those who delay starting Social Security can get up to 75% more than those who apply early, but how do you bridge the income gap? To see if a home equity solution can help you with this issue, go to: http://bit.ly/ReverseEvaluation.

To read more, go to: https://www.thereverseadvisor.com/blog/reverse-mortgage-delay-social-security

Kent Kopen, Certified Reverse Mortgage Professional
(800) 208-1252

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The point of this video is not that you should take Social Security at any particular age, or that you should use a reverse mortgage to bridge the funding gap. The point is you should seek guidance from an expert who has the tools and creativity to suggest and analyze different options. There is no one-size fits all conclusion when it comes to financial advice. Keep in mind, regardless of which strategy is chosen, but probably more relevant for those taking early benefits, Social Security is taxable if combined income (AGI+nontaxable interest+1/2 SS benefits) is greater than $25k for an individual or $32k for those who file a joint return. All analysis should be compared on an after-tax basis.* Also, benefits are reduced if someone elects to take Social Security before full retirement age but is still working. The current no-reduction threshold is $17,040, and then $45,360 for the year one reaches full retirement age.

If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 1-800-208-1252 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. Loan proceeds are paid tax-free; consult your tax advisor. This presentation contains images that were used under a Creative Commons License. Click here to see the full list of images and attributions: https://app.contentsamurai.com/cc/170712. For licensing and disclosures: https://www.thereverseadvisor.com/licensing.