Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.
Income from a reverse mortgage is not considered true income by the IRS. Therefore, it is non-taxable income. Does my home need to be free and clear of mortgages to qualify for a reverse mortgage? Not at all. In fact, many get a reverse mortgage specifically to pay off a mortgage to remove the burden of that payment.
