In a matter of weeks, millions of Americans, including retirees, will receive a $1,200 check as part of a stimulus package to address the COVID-19 pandemic.

Individuals who claim Social Security can also be eligible for financial aid.

Here’s how it works: Americans making no more than $75,000 will get the check. It doubles for married couples making less than $150,000. Payments decrease for some higher earners; individuals with children get $500 per child.

The stimulus is a component of the $2 trillion plan to help push back against the economic consequences arising from the COVID-19 pandemic. The relief is expected to touch all corners of American life, including small businesses.

If you receive Social Security or Supplemental Security Income, you do not need to file a simple tax return, as previously announced. The Treasury made the announcement on April 1.

The $1,200 boost is welcome news to everyone, especially those adapting to life as a retiree.

These are trying times. If you are thinking about other avenues of revenue, you might want to consider obtaining a Home Equity Conversion Mortgage (HECM)*.

Individuals who have retired at 62 or older, can explore the benefits of this mortgage program.

For some, an HECM increases buying power, helps retain liquidity, and provides the flexibility of additional financial resources.

Some details: the loan generally requires a 50 percent commitment. In return, the borrower will no longer need to make monthly payments as long as they live within the home; however, the homeowner will still be responsible for taxes, insurance, and home maintenance. Retirees are not required to sign over their homes or equity. Instead, retirees and their heirs are entitled to sell the home and retain whatever equity remains.

To learn more about this opportunity to eliminate your monthly mortgage payment and enjoy the financial flexibility that comes with a HECM, please contact us to learn more.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.