No. The cash you take is a loan distribution and is not considered taxable income. For your specific situation, we recommend that you consult your tax advisor The proceeds from a reverse mortgage do not affect these benefits. We recommend that you consult your financial advisor for further information.

No. Since reverse mortgage borrowers need not make monthly repayments, there are no income qualifications.

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income-without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home.

You must be age 62 or older and occupy the home as your primary residence. You must have enough equity in your home to pay off existing liens on your home with part of the proceeds from the Reverse Mortgage.

To be eligible for a HUD reverse mortgage, the Federal Housing Administration (FHA) requires that you are a homeowner 62 years of age or older; have a very low outstanding mortgage balance or own your home free and clear; and that you meet with a HUD-approved counseling agency -- to make sure you understand what a HUD Reverse Mortgage will mean for you.

No, qualifying is easy. The amount you qualify for is based on the value of your home, the age of the youngest homeowner and the current interest rate. Income and credit history are not considered, so almost any senior homeowner can qualify.

There is no income qualification or credit check. HUD is only interested in the amount of equity in the house or condo.

Although we like to see a credit score of 500 or more, we will consider lower scores provided other risk factors are lower on other areas.

No monthly mortgage payments. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home. Tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits. Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

This is a federally mandated feature of the reverse mortgage process and is designed for your protection. The counselor, who is from an independent government-approved housing counseling agency, explains in detail the pro's and con's of all your reverse mortgage alternatives.

In order to streamline the decision making process, the lending industry has developed a system which scores the borrower's credit history. The score is seen as predictive of the borrower's ability and willingness to repay the loan. Such scoring gives the lender the ability to give the borrower a rapid credit decision by using automated underwriting software currently available.

Yes, a mortgage can be obtained by people with all kinds of credit (Excellent, Great, Average, Below Average, and Poor Credit). Obviously, the rates will increase slightly as credit score get a little lower but a mortgage can still be obtained. Also, with a lower credit score you may be limited to a few less mortgage loan programs than you would with excellent credit. Sometimes compensating factors such as a lot of money put away in checking or savings accounts, 401ks, investments, etc..

There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 75% of the total can also be arranged.

Yes. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. The funds you would receive in the reverse mortgage would be used to pay off whatever existing mortgages you have on the property.

Proceeds from a Reverse Mortgage are not taxable; it's your money (equity), not taxable income. Nor will your regular Social Security or Medicare be affected. The impact, if any, on other federal, state or local assistance programs should be discussed with your financial advisor or the program sponsor.

Answer: The Internal Revenue Service considers your reverse mortgage proceeds loan advances and not taxable income. Answer: At this time, reverse mortgages do not affect the benefits listed. Your reverse mortgage proceeds can affect your Medicaid and Supplemental Social Security income if not spent in the month that they are received. For your individual situation contact your local Agency on Aging and a financial advisor. The rules and regulations can vary state by state.