One of the biggest decisions people face as they approach retirement is simple on paper, but not so simple in real life. When should you start taking Social Security?

You can start as early as age 62. But if you wait, your benefit grows. For every year you delay, up to age 70, your monthly payment increases by roughly 7 to 8 percent. Over time, that can add up to a much larger and more stable income.

The problem is not understanding the benefit of waiting. The problem is cash flow.

A lot of people simply need income once they retire. Bills do not pause just because you are trying to make a long term financial decision. That is where some retirees start looking at ways to bridge that gap.

One option that has been getting more attention is using a reverse mortgage as part of that strategy.

For homeowners age 62 and older, a reverse mortgage allows you to access the equity in your home without taking on a traditional monthly mortgage payment. Instead of paying into the home each month, you are pulling value out of it in a controlled way.

That can create some flexibility.

Rather than starting Social Security right away, some retirees use reverse mortgage funds to cover expenses for a few years. That allows them to delay benefits, which can result in a higher monthly check for the rest of their life.

There are a few ways to structure it. Funds can be taken as a lump sum, set up as monthly payments, or used as a line of credit. That line of credit option is especially interesting because it can grow over time, giving borrowers more access to funds later on if needed.

It is not about replacing Social Security. It is about giving yourself more control over when and how you use it.

Of course, this is not a one size fits all strategy. It depends on your financial situation, your goals, and how long you expect to stay in your home. That is why it is important to work through the numbers with someone who understands how these pieces fit together.

What often gets overlooked is that your home is not just a place to live. For many people, it is also their largest asset. A reverse mortgage is one way to put that asset to work in retirement, especially if it helps strengthen the long term picture.

At the end of the day, delaying Social Security can be a smart move. The challenge is making it financially possible in the short term. For some retirees, this is one of the tools that helps make that decision a little easier.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.