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Must I pay income tax on my Reverse Mortgage loan?
No. Reverse Mortgages are considered as loan advances and not income. The IRS considers them to be non-taxable.
If you receive SSI, Medicaid, or other public assistance, your Reverse Mortgage loan advances are counted as “liquid assets” ONLY if you keep them in an account past the end of the calendar month in which you receive them. You must be careful not to let your total liquid assets become greater than these programs allow. We recommend that you consult your tax advisor on your specific situation.
How will a Reverse Mortgage affect my Social Security and Medicare benefits?
The funds you receive from a Reverse Mortgage do not affect your Social Security or Medicare benefits.
We recommend that you discuss the impact of a Reverse Mortgage on federal, state or local assistance programs with a professional advisor, such as your local Area Agency on Aging (toll free at 1-800-677-1116), your tax attorney, or an independent Reverse Mortgage consultant. Our highly experienced consultants will be happy to advise.
