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Using a Reverse Mortgage to Increase Social Security Benefits

Delaying initiation of Social Security retirement benefits can substantially increase your monthly benefit.

One way to delay your benefits is to borrow against the equity in your home though a reverse mortgage.

This can be a risky strategy, but it may be worth examining if you don't have savings, but you have substantial equity in your home.

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Three Questions to Ask Before Claiming Social Security

1. Am I in good health?

If yes, consider deferring benefits.

2. Will my claim affect anyone else?

Higher-earning spouses often benefit by waiting until their full retirement age or later to sign up for Social Security.

3. How reliant will I be on Social Security income?

If you don't have much in savings, and are in good health, consider continuing to work.

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Not affiliated with the US Social Security Administration