HECM reverse mortgage, a viable option for the seniors that make their retirement relaxed. Indeed. But retirees do have some common concerns regarding the taxes and reverse mortgage solution. You know everything has its pros and cons and it is always better to get them clarified in the very beginning itself to prevent future confusions. Most of the seniors have this question in mind that whether their other benefits including the social security would be affected if they go with a reverse mortgage in Hawaii. Fair enough! Retirees opting for the reverse mortgage often come up with the concerns like will their pension be affected, what will happen to their Medicare and Medicaid benefits which they are already receiving and so on. Well, there are a lot of myths associated with all these queries and all they need is the facts. And this post is all about the facts that will definitely strengthen their trust in the HECM reverse mortgage.
Let’s start with the social security benefits first, you will be glad to know that HECM reverse mortgage does not hamper your social security. They will not change once you get your reverse mortgage, which means you will keep on receiving your benefits even after this mortgage solution. This was something you contributed in while you were working and receiving a reverse mortgage cannot affect these benefits. It is your right to collect your social security and no mortgage solution can prohibit you from doing that.
Next on the concern list is the pension benefits, well these were the benefits you established with your employer and this cannot be affected by receiving a reverse mortgage. Your pension is that benefit for which you worked hard and saved it for your upcoming years. In no way receiving a reverse mortgage in Hawaii can affect your pension. So just stay relaxed and enjoy your retirement in a better way.
Coming over to Medicare now, this is the part of the social security act only that was created in 1965 to help seniors with their health care costs. It was a way to provide health insurance to seniors aging 65 or above. This was a government program that was specially designed for the seniors to help them from the medical perspective. And, same is the HECM reverse mortgage that is formulated to provide financial help to the seniors. This means you can continue using your Medicare benefits even after taking a reverse mortgage in Hawaii.
Read More : The Advantages of a Reverse Mortgage Hawaii
Last but not the least is the Medicaid, the only thing that might get affected with your reverse mortgage. The eligibility for this benefit requires the seniors to have no more than $2K ($3K for couples) in assets on any day of the month. However, this does not affect your eligibility for a reverse mortgage but you may not be able to receive your Medicaid benefits once you start getting a reverse mortgage in Hawaii.
So, just make sure to consult a financial advisor before planning out anything. It is better to be safe than sorry.
Hawaii Reverse Mortgage 