You are missing that the odds of you getting that potential profit are very small. You don't mention the strikes of the options, but my guess is that you are looking at a credit put spread. Since the max loss is very low, the current price is deep into the "loss" leg of the spread, meaning the stock will have to rise (or drop, depending on the direction of the spread) significantly for you to break even, let alone make a profit.
With only a $5 loss, it may be worth trying out just to understand the mechanics of options, but most likely you will not make a profit unless you get very, very lucky.
Some answers to additional questions added in another "answer":
So if I pocket the $495 today and in 6 months the stock remained the same or a few cents less Would the $495 premium slowly go away?
No - you received $470 in cash and have a trade that has a roughly -$470 value. The best case for you is the trade ends up with a +$25 value if the stock moves a lot, which is where the "max profit" of "$495" comes from, but a much more likely scenario is that the trade stays at about the same value or worse, meaning at expiry you will owe at least $470, but at worst will owe $475 for a net loss of $5.
Would the $495 premium slowly go away?
The premium does not "go away" but the value of the options (which is a net negative to you) will not change significantly over time - the time decay between the bought option and sold option will roughly cancel out.
Could I always close the option early and keep a lot of the premium.
No - you can close the option and early and pay what the option is worth, which will probably be $470 or more.