Posted on: 02nd Apr, 2014 07:21 am
Do I have to pay taxes from the income received from reverse mortgage? Is it also affect my social security income?
I do not believe it will as you are basically borrowing that money against the equity in your own home - basically you are borrowing from yourself - However I am not an accountant or an underwriter for social security - to be safe I would check with both as they will be the authority on this question
Brian Barnes
ENG Lending
Nationwide Lender
Brian Barnes
ENG Lending
Nationwide Lender