Tax Issues for Reverse Mortgages Reverse mortgages proceeds are considered loan advances to you, not income you earned therefore not taxable. Reverse mortgages also usually don’t affect your Social Security or Medicare benefits. Property taxes are deductible if you itemize your deductions.
Investing Taxes
There is no book reverse mortgage for dummies but having some general knowledge when talking to your loan counselor will help ease your fears. Don’t Get Scammed Shop around and compare at least two offers to protect yourself. Check the companies reputation with the Better Business Bureau. Make sure a reverse mortgage vs. HELOC is…
Planning Reverse Mortgages
The answer is based upon your credit and income. With both a reverse mortgage line of credit and a HELOC, the borrower must continue to pay their real estate taxes and insurance. A HELOC and a reverse mortgage line of credit are both adjustable rate loans. Advantages of HELOC line of credit HELOC requires good…
Planning Reverse Mortgages