Reverse Mortgage FAQ’s: Is My Reverse Mortgage Income Taxable?

Question: Are reverse mortgages considered taxable income?

Answer: Every once in a while, I get asked this question about reverse mortgages and taxes. While the answer may be short, it is important enough to deserve its’ own post.

The short and simple answer is, “No.” For the most part, your reverse mortgage funds are not considered taxable income. However, if you have further questions, it is best to speak with a tax consultant.

Borrowers may be concerned about their reverse mortgages being taxed for a number of reasons, such as the possibility of it affecting their Social Security benefits, Medicare, etc. Fortunately for borrowers, it will not affect your Social Security benefits nor will it affect your Medicare. Click here to find out more about Social Security, Medicare & your reverse mortgage.

Reverse mortgages can be a great way for those who qualify to continue to live comfortably in their homes. With a reverse mortgage, many seniors have been able to find financial freedom during their retirement years. To qualify for a reverse mortgage, you must be a homeowner at least 62 years of age and have substantial equity in your home.

To speak with a senior advisor about how a reverse mortgage can work for you, call 1-888-808-8486 today!

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