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Reverse Mortgages

Although not considered income, rather a loan, according to the IRS, reverse mortgage payments aren’t taxable income. Per the Federal Trade Commission, for those who are 62 years old or older (see eligibility requirements), a reverse mortgage “allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills,” which allows one to do things, such as pay off a mortgage, supplement income, or pay for healthcare expenses. Paying for Senior Care‘s Reverse Mortgages and Paying for Elder Care – Pros & Cons is an excellent educational resource on the topic.

Other Helpful Reverse Mortgage Resource Information

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