Reverse Mortgage Taxes -
What are the tax ramifications?
Since Reverse Mortgages are considered loan advances, they
are not generally considered as taxable income. However, it
is still prudent to check with your tax advisor regarding your
own individual tax situation.
Reverse Mortgage Interest - Is there interest on the loan?
Yes.
As with a conventional mortgage, Reverse Mortgages contain interest
charges.
However,
since this is a Government backed HUD program, the interest
charged is considerably less than a standard mortgage.
Reverse Mortgage Fees - Are
there other fees?
Like
all loans, there are reverse mortgage closing costs and fees. However, these
items can be included in your reverse mortgage loan so you do
not have to pay any out of pocket expenses at the time of closing.
