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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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Fast Facts About Social Security - 2017

Fast Facts About Social Security - 2017 Edition

* 66 million Americans receive Social Security benefits

* 5.5 million new Social Security beneficiaries in 2016

* 62 percent of aged beneficiaries received at least half their income from Social Security

* 54.2 is average age for Social Security disability beneficiaries

https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2017/fast_facts17.pdf

Do Not Click on Links in Emails from "Equifax"

If you receive an email from "Equifax", be very careful about clicking any links in the email. It could be a phishing attack.

As a result of the recent Equifax leak of 143 million Social Security numbers, criminals see the leak as an excuse to tempt people into clicking on "helpful" links from Equifax.

Be very careful about clicking links in emails that you receive.

Equifax to Offer Free "Credit Freeze" Service After Security Breach

After the massive security leak of 143 million Social Security numbers at credit reporting agency Equifax, the company has announced that it will not charge for "credit freeze" requests for the next 30 days.

Here's where you can sign up for a credit freeze at the big three reporting agencies :

https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

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Not affiliated with the US Social Security Administration