There are several safeguards that have been put in place to protect seniors from predatory lending practices. The first item is a required (mandated) third-party counseling session must occur with an independent HUD-approved counselor before an reverse mortgage loan application can be taken. You can talk to and discuss if a reverse mortgage loan makes sense, but a loan application cannot be taken until the 3rd party counseling has been completed and a counseling certificate has been issued.
It’s Easy To Find Peace Of Mind
Are Social Security Benefits Affected?
A reverse mortgage typically does not impact Social Security or Medicare but can impact SSI and Medicaid.
You need to consult with a Medicare &/or Social Security Benefits expert.
Taxed or Tax-Free Income
Proceeds from a reverse are not considered income, it is tax-free. We suggest you consult a CPA for any tax questions.
- Income is reviewed to qualify for a Reverse Mortgage Loan as part of the financial assessment.
- Payments for property taxes, homeowner’s insurance, and maintenance costs must be paid. If they are not paid, you can lose your home to foreclosure.
- You are fully insured and protected against owing more than the value of your home.
If you want a lender that specializes in Reverse Mortgage loans, the Ben Gerritsen team is the reverse mortgage lender specialist to work with.
We are a Reverse Mortgage Loan lender specialist in Arizona, Colorado, Florida, Utah & Texas.