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The Mortgage Professor: CFPB on delaying Social Security with a reverse mortgage

Seniors can begin receiving Social Security at 62 or wait before applying in order to draw a larger amount. For example, a Social Security payment of $910 a month starting at age 62 becomes $1,300 starting at age 67. If a homeowner can't afford to wait before drawing more funds, she can take out a home equity conversion mortgage – the federal government's reverse mortgage program – to bridge the gap. Many retirement counselors, including me, have recommended that strategy.

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