Taxes, Social Security & Retirement Benefits
Medicare, Social Security & Retirement Benefits
• Proceeds from the reverse mortgage will NOT affect your Social Security, Medicare, retirement Benefits or anything else.
• 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 considered as Taxable Income?
• A Reverse Mortgage IS NOT Taxable Income.
• Proceeds from a Reverse mortgage is from a loan and not from the sale of your house.
www.irs.gov/publications/p554ch02.html
Tax Deductions
• Can I have the mortgage interest tax deductions from the proceeds (loans) from a Reverse Mortgage?
No, It is not allowed as a tax deduction unless payments the lender are made by the home owner.
http://www.irs.gov/publications/p936/ar02.html
