As far as I know, the funds from your reverse mortgage are non-taxable. Thus, it is not counted towards income or affect Social Security or Medicare benefits. It is not even counted as your income for Medicaid benefits eligibility. _________________ Procrastination is the enemy of your financial sucess
In my opinion if you are not a full time worker and a retired fellow then it will surely not affect you in any case.
mary r Guest
Posted: Mon Aug 31, 2009 9:00 am Post subject: the children
Hi my parents are in the process of doing the reverse mortage and my mom wants all nine of the adult children to know but my dad doesn't. the family home has alot of centiments. I'm afraid it will be hurtful when they find out about the reverse mortage when my parents are gone. Do you recommend all the children to knowing.
I hope it's your parents who would be on the property deed while they take the reverse mortgage. In such a situation, it's not mandatory for your parents to inform their children about the reverse mortgage. It would solely the borrower's decision whether or not he would inform others about the mortgage.
Take care.
vickie Guest
Posted: Sun Sep 20, 2009 4:14 pm Post subject: medicade &medicare
my mom is wanting to sell her house and move to a better area is selling the house going to affect her benifets she was told she would have to repay everything from the sell
She need to pay the money if she took a reverse mortgageand the rest she can keepit
elizabeth maisonet Guest
Posted: Fri Oct 16, 2009 10:59 am Post subject: life estate and social security and medicade
hi my mothers husband just recently passed away. She is 63 years old and recieves medicade and medicare. Her husband left her hm to her and has a life estate she is scared if she sells it her medicade and medicare will be affected. Her estate has not been probated as of yet. She wants to know how does she go about selling the land and home that is on it.
How much equity is left in the home after she pays back the Reverse Mortgage lender? If there's any equity, all of it is hers, and Medicaid benefits can be impacted, but Medicare and Social Security will not.
She's medi-medi and there's a reason for that and you don't want to disrupt her Medicaid benefits. She needs to review her situation with an Estate Planning Attorney, so he can guide her so her benefits aren't affected negatively. _________________ Raymond
www.ReverseMortgageCalculator.org
linda lee Guest
Posted: Sat Oct 17, 2009 6:13 am Post subject: life estate
Life Estates have no effect on Medicaid. It's just a method of holding Title to your home. Medicaid is effected by income and assets. _________________ Raymond
www.ReverseMortgageCalculator.org
adonis
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