Social Security benefits with a Reverse Mortgage

How a Reverse Mortgage Could Maximize Your Social Security Benefits

January 19, 2023

Retirees who wait to claim their benefits have an increased monthly social security income.

Although Americans can start their social security benefits as soon as age 62, the monthly amount they will receive is highest if they delay collecting their monthly benefits until age 70.

Waiting to claim your social security benefits will result in an 8% increase for each year — from ages 66 to 70. For instance, if a retiree waits until age 70 to start their benefits, this is a 32% increase in monthly income for the remainder of the retiree’s life…

8% per year x 4 years past retirement age = 32% higher monthly social security income

Retirees who wait to claim their full benefits — and, as a result, have increased monthly social security income — are less likely to dip into their savings to pay for their living expenses. This often allows them to maintain robust savings accounts during their retirement years.

This is where a reverse mortgage loan can be especially beneficial to those who are ages 62-65 and who are still paying a conventional mortgage. If they switch to a reverse mortgage, they will eliminate their monthly mortgage payment. This will free up money that they can use to build up their savings. Then, when they retire, they can use those savings to live — allowing them to delay their social security benefits until they get closer to age 70.

Overall, this can be an ideal way to ensure that a retiree gets the maximum amount from their social security benefits.

At Waterstone Mortgage, we help seniors explore whether a reverse mortgage is ideal for their current circumstances and long-term goals. Because reverse mortgages are unique, we take the time to answer questions, address concerns, and help our potential clients strategize for the future.

Interested in learning more? Get in touch with a trusted Reverse Mortgage Specialist at Waterstone Mortgage. It’s our goal to help senior citizens create a more financially stable and secure retirement.


Property and borrower eligibility requirements apply. Loan becomes due and payable when the last remaining borrower (or eligible spouse) sells the property, permanently leaves the home or passes away. Taxes, insurance, and repairs are the responsibility of the borrower and must be maintained to avoid early repayment of the entire loan amount. Consult a tax advisor for questions about tax and government benefit implications.