Is My Reverse Mortgage Taxable?
Money received from a reverse mortgage is not taxable as additional income. Remember, this is a loan you are taking out. This is already your money, so to speak. A reverse mortgage does not affect regular social security income. A reverse mortgage also does not affect Medicare benefits.
One thing you may want to do to be certain a reverse mortgage does not affect any other important areas of your life, is to contact your local Agency on Aging. A toll-free number for this office is 1-800-677-1116. You may also visit www.eldercare.gov for more information.
~ Use it to make your retirement years the very best of your life. ~
How can I use my reverse mortgage money?
You can use the money you obtain from a reverse mortgage to do any number of things. Some ideas on how you may use your reverse mortgage money;
- Home repairs or renovations
- Home additions, such as a bedroom or a wheelchair ramp
- Payment for medical bills or care
- Payment for a grandchild's needs
- Educational endeavors
- Buying a vacation home
- Buying a vehicle
- Virtually any other way you decide!
You can simply choose a reverse mortgage to get rid of your current bills, or you can be extravagant and travel the world. It really is up to you. You can use it to make your retirement years the very best of your life.
We hope you find our future reverse mortgage posts informative as well. Stay tuned.
If you have additional questions or need immediate assistance, feel free to call Steve Kappre on his cell phone at 856-419-3561.
- Reverse Mortgages ~ Who is Eligible? - Part 1
- Reverse Mortgages ~ Payment Options - Part 2
- Reverse Mortgages ~ Expected Costs, Appraisals, and Title - Part 3
- Reverse Mortgages ~ Counseling - Part 4
- Reverse Mortgages ~ Is Reverse Mortgage Income Taxable? - Part 5
- Reverse Mortgages ~ What Happens When My Reverse Mortgage is Due? - Part 6
- Reverse Mortgages ~ Purchase a Home with a Reverse Mortgage - Part 7
Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;
• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.
• Reverse Mortgages for seniors age 62 or older.
• Equity Management strategies for high-end homes and high net worth individuals.
Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com