Medicare, Social Security & Retirement Benefits
• Proceeds from a reverse mortgage loan may affect eligibility for some government programs. Specifically, SSI (Social Security Income) and Medicaid may be affected.
We suggest you consult with your Medicaid & Social Security Benefits specialist.
• You are simply accessing the cash that is tied up in the value of your home.
Taxable or Non-Taxable Income?
Are proceeds from a Reverse Mortgage loan considered as Taxable Income?
- A Reverse Mortgage Loan IS NOT Taxable Income.
- Proceeds from a Reverse mortgage loan is from a loan and not from the sale of your house.
- Consult with a tax advisor for your taxes.
• Can I have the mortgage interest tax deductions from the proceeds (loans) from a Reverse Mortgage Loan?
No, It is not allowed as a tax deduction unless payments to the lender are made by the home owner.
All loans subject to credit approval. Mortgage financing brokered by Mortgage Miracles Happen, LLC. Equal Housing Lender.
Mortgage Miracles Happen, LLC is a mortgage broker in Arizona, Colorado, Florida, Texas & Utah. NMLS: 1289680; Arizona: 0937981, Colorado, Florida License # MBR1900, UT license # 7380298 Utah DRE; Texas TDSML Texas Recovery Fund.