This is the sixth question in our FAQ blog series on Reverse Mortgages. The following question is important for those seeking a Reverse Mortgage.
“Will a Reverse Mortgage affect the borrower’s social security check they receive?”
Not one bit! The money a borrower receives from a Reverse Mortgage is non-taxable. It’s the equity in the home that is being accessed. A Reverse Mortgage has nothing to do with a borrower’s taxes, social security, or medicare.
To see additional information regarding Reverse Mortgage, please visit my youtube channel: https://www.youtube.com/user/klgrodi/videos. All of the questions in this series on “Frequently Asked Questions regarding Reverse Mortgage” are answered in those videos.
Also, you can visit https://www.consumer.ftc.gov/articles/0192-reverse-mortgages for additional information.
If there is a question you may have that I don’t answer, feel free to email me at firstname.lastname@example.org or call be at 615-970-2216. I’d be happy to sit down and discuss any questions or concerns.