Choosing a HELOC vs. reverse mortgage depends on factors like your ability to make payments, long-term plans and whether preserving home equity is a priority
The interest on your reverse mortgage isn’ttax deductible. You’ll have to pay for maintenance, property taxes, homeowners insurance, utilities, and other costs. If you fail to pay for homeowners insurance and property taxes, then the lender may require you to repay the loan. After you clos...
HECM Taxes & Fees In most cases, the proceeds of a reverse mortgage are not taxable. It is important, however, to discuss your particular situation with a tax professional. The interest on a reverse mortgage is not deductible until the loan is repaid. As with any kind of mortgage, a re...
To get a reverse mortgage, you need to complete reverse mortgage counseling. Counseling costs money, but if you can prove financial hardship, then you could delay paying for it until after your reverse mortgage is approved. If you need to delay the fee, the following documents may be necessar...
• Save one’s home when faced with foreclosure or tax forfeiture. • Have funds to full fill needs and goals. • To live with security, independence, dignity and control. I have helped seniors where a reverse mortgage has fulfilled all of these reasons and more, providing hope for th...
Don’t tell them, “Making payments will give you a TAX break” Any voluntary prepayments are applied to the mortgage insurance first, which may, or may not, be deductible. They may have a long way to go before payments are applied to mortgage interest, which again may provide no benefit...
1. **Proceeds are Tax-Free**: The funds received from a reverse mortgage are considered loan advances rather than income, so they are not subject to income tax. 2. **Interest Deduction**: Interest on a reverse mortgage may be deductible, but only when it is paid. This often happens wh...
New York State Department of Health, wherein the New York Supreme Court affirms that the state did not have to take the reverse mortgage into account for the purposes of determining a penalty period when evaluating the value of a Medicaid applicant's life estate....
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The interest on your reverse mortgage isn’ttax deductible. You’ll have to pay for maintenance, property taxes, homeowners insurance, utilities, and other costs. If you fail to pay for homeowners insurance and property taxes, then the lender may require you to repay the loan. ...