Reverse Mortgage Tax-Free Funds!
The money you receive through a Nevada reverse mortgage loan is not taxed; the money is already yours. These are the funds you have paid on your mortgage throughout the years. Therefore, you are not actually earning income from the Nevada reverse mortgage. Because you are not earning income, benefits from non-need based programs such as regular Social Security and Medicare benefits should not be affected. If you receive Supplemental Social Security (SSI), Medicaid, AFDC, food stamps, or any other need-based income, Nevada reverse mortgage funds may affect your benefits. Be sure to contact a benefits specialist, your local Area Agency on Aging, or a financial counselor for confirmation of your benefits’ safety. If you are purchasing an annuity with your Nevada reverse mortgage funds, annuity advances are considered income under Supplemental Security Income (SSI) and Medicaid programs. Thus, an annuity may also affect your benefits. Purchasing an annuity with your reverse mortgage funds in rarely a good idea, the income from the Nevada reverse mortgage most likely will outpace any annuity.More Nevada Reverse Mortgage Information:
Nevada Reverse Mortgage | Reverse Mortgage Tax-Free Funds | Use of a Nevada Reverse Mortgage Fund | Available Funds From A Reverse Mortgage | Repayment of Your Nevada Reverse Mortgage | Nevada HECM Product Profile