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.

Is there any tax liability for the proceeds from a reverse mortgage?

April 26, 2017liability proceeds reverse mortgage tax

0

Posted

Is there any tax liability for the proceeds from a reverse mortgage?

1 Answer

0

Posted

No. Money received from a reverse mortgage is generally categorized as loan advances and not taxable income. Also, interest expense from the reverse may be tax deductible. You’ll want to ask your tax advisor.