If so, a Reverse Mortgage Line of Credit (LOC) using the Term Payment option may be a great solution for you to consider! Here’s how it works:
- With a Reverse Mortgage LOC, you can access your home’s equity tax-free;
- You can opt for the Term Payment feature of your Reverse Mortgage LOC to receive consistent monthly payments for a set duration, allowing you to have a reliable stream of tax-free income while postponing access to your Social Security benefits; and,
- Delaying access to your Social Security benefits until you reach your Full Retirement Age (FRA) of 67, can increase your benefit amount by up to 8% per year starting at age 62. Please know that currently, FRA is 67 years of age.
It is always prudent to discuss retirement strategies with your financial advisor and to how postponing access to your Social Security Benefit could be advantageous for you.
For more information regarding Reverse Mortgages, please contact Michael Pankow, NMLS 220611, at 916.296.7765.
