If you’re thinking about cashing in your home equity to delay going on Social Security, the Feds have a new warning for you. They crunched the numbers and found taking a reverse mortgage to get income to delay taking Social Security is NOT a good solution for most homeowners.
The Reverse Mortgage people will go bonkers, but the industry has been filled with scams and consumer rip-offs for quite a while and there have been numerous National Warnings against them. But if you think they’re right for you….read all the fine print, very closely and find a financial advisor who DOES NOT MAKE MONEY FROM THEM OR SELLING YOU OTHER INVESTMENTS.
Here’s the complete report by the Consumer Financial Protection Bureau. It’s 27 pages long: Issue Brief: The costs and risks of using a reverse mortgage to delay collecting Social Security.
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