As the only daughter (and the only unmarried, locally-based child) of a chronically ill parent, you are weighing the decision to retire at the end of the current school year (May 2025), in order to take on some of the duties of caretaking for Mom. You plan to continue occupying your own home (which is fully paid for), and which is fortunately within easy commuting distance of Mom’s condo (where she is determined to stay as long as possible).
Although your mother has for years been receiving her own social security benefit, her resources are being inexorably depleted by the costs of in-home care; your goal is to relieve some of that financial pressure without severely jeopardizing your own financial future. You qualify for teacher retirement benefits from the state, but that monthly amount would not suffice to cover your own living expenses; you are considering claiming early social security benefits in addition to taking on some part-time teaching and tutoring work. (You’ve done a little research, learning that you will not reach “full retirement age” until the year 2027, meaning that your monthly social security benefit would be reduced quite a bit.)
One option you appear not to have considered is using the equity built up in your own home as a financial resource. Using reverse mortgage funding, you could draw a monthly income for the next two+ years, avoiding the need to take early social security benefits. So long as you keep up with property taxes, insurance, and regular maintenance (which it sounds like you’ve been doing), you will not be required to make any monthly mortgage payments.*
A reverse mortgage, set up as a line of credit, might prove the missing piece of the puzzle, as you piece together a plan to include teacher’s pension, part time work, and eventually full-benefit social security income, allowing financial relief for both you and your Mom.
https://mutualreverse.com/david-garrison
Readers, if you’d like to see what you might qualify for with a reverse mortgage in Indiana, or to download your Reverse Mortgage Guide Click Here (and scroll down).
*Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees. David Garrison, NMLS ID 1595194. Mutual of Omaha Mortgage, Inc. dba Mutual of Omaha Reverse Mortgage, NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108. Indiana-DFI Mortgage Lending License 43321. Michigan 1st Mortgage Broker/Lender/Servicer Registrant FR0022702. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. Subject to credit approval. For licensing information, go to:www.nmlsconsumeraccess.org Equal Housing Lender