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Can You Use A Reverse Mortgage In Place Of Pension?

Traditionally, retirement plans look to three integers: savings, pension and Social Security. But this may be changing in modern times. Since many employers no longer offer pensions, and with more Americans working until older ages but with few savings to show for it (60% of people do not have enough money saved for retirement), the landscape has shifted.

Could this mean that more Americans might instead consider accessing their home’s equity via a reverse mortgage? If you are not prepared for retirement but have been paying into your home loan routinely for a sizeable amount of time, it could be a viable option.

One reason is to defer your Social Security benefits. For older Americans who wait to cash in on these benefits until age 70, they stand to reap the benefits of delayed credits that can increase benefits by as much as 8% for each year they defer until reaching age 70.

Another reason is because the rules for Social Security could be changing in the near future. For instance, the government is considering plans to eradicate common strategies like file and suspend, where one spouse files for a benefits as soon as possible, but the other delays to maximize benefits.

Since everyone’s situation is different, the approach to considering deferring your Social Security Benefits via a reverse mortgage is something that should be discussed with your financial advisor.

Two things to consider in this scenario include the fact that you would pay more in interest on a reverse mortgage the earlier you claim it (because you’d have the loan longer); and that waiting until full retirement age for Social Security is a wise move, too.

But if you do not have a pension plan in place, and if holding off to receive your Social Security benefits is temping but unrealistic, you may also want to explore your options with harnessing your existing home equity.

Along the way, be realistic. Talk to your financial advisor. Plan ahead in your budget for Medicare surcharges that could deplete your income. Compare which option makes more sense from all angles. You might find that it’s wiser to withhold your Social Security benefits longer and tap into your home equity sooner.

In closing, the best form of advice is this: get sound advice from a qualified professional. Then move forwards in confidence.

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    He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name.” (Revelation 14:9-11).

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