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Reliable Source of Income
Tax Free
No Monthly Mortgage Repayments
Money can be used for any purpose
Monthly
Line of Credit
Lump Sum
Mix and Match
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Social Security and Medicare benefits aren’t affected by reverse mortgages.
But Supplemental Security Income ( SSI ) and Medicaid are different. Reverse mortgages will affect these and other public benefit programs under certain circumstances:
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- Loan advances generally don’t affect your benefits if you spend them during the calendar month in which you get them. But if you keep an advance past the end of the calendar month (in a checking or savings account, for example), it counts as a liquid asset. If your total liquid assets at the end of the any month are greater than $2,000 for a single person or $3,000 for a couple, you could lose your eligibility.
- If anyone in the business of selling annuities has tries to sell you on the idea of using proceeds from a reverse mortgage to purchase an annuity, you need to know that annuity advances reduce SSI benefits dollar-for-dollar and can make you ineligible for Medicaid. So if you’re considering an annuity and if you ‘re now receiving – or expect that someday you may qualify for – SSI or Medicaid, check with SSI, Medicaid and other program offices in your community. Get specific details on how annuity income affects these benefits.
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