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Reverse Mortgages and Delaying Social Security Retirement Benefits

Recently, the US Consumer Financial Protection Bureau (CFPB) released a "warning" against using a reverse mortgage to delay initiation of Social Security retirement benefits.

This opinion piece says that the CFPB used flawed analysis.

Excerpt :

The [CFPB] report states that a reverse mortgage’s “increasing loan balance will slowly reduce the available home equity to homeowners.” That is not how a reverse mortgage works. Can a reverse mortgage’s increasing loan balance reduce the available home equity? Sometimes, but often, it does not. If you borrow $30,000 with a reverse mortgage, and the debt grows by 6 percent each year but your $500,000 home grows at 4 percent a year, your home equity does not shrink. The CFPB statement is blatantly false and harmful to consumers reading the report with its incorrect connotation about how debt works.

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National Social Security Advisor Certification Available

If you're looking for advice on Social Security benefits, it may be useful to find someone with the "National Social Security Advisor" certification.

Although the NSSA appears to be a privately issued certificate, it seems to convey some level of knowledge about Social Security benefits. Finding a financial advisor with NSSA certification may be something worth exploring.

Good Article on Social Security Benefits for Divorced People

This is a good article which outlines Social Security benefits for divorced people. The article refers to "divorced women", but it also applies to divorced men (especially if the woman had higher earnings).

Excerpt :

The law says a divorced woman, who was married to her ex-husband for a minimum of 10 years, is due essentially the same benefits as a woman who is currently married to her husband.


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Not affiliated with the US Social Security Administration