What is a reverse mortgage or senior citizen mortgage?
– A Reverse Mortgage is a loan that enables a “senior” homeowner, having attained the age of 62 or older, to convert part of the equity in their Morgage Quote home to tax free income without having to give up title or take on a monthly payment. How do I qualify for a reverse mortgage? – You must be at least 62 years of age, own, and have Bankruptcy equity in your home and it must be your primary residence. There are no income, credit or health requirements to qualify. What if I already have a mortgage bankruptcy or other debt on my home? – The mortgage and or debt will be paid off from the bankruptcy proceeds of the Reverse Mortgage loan. Your Reverse Mortgage will then be based upon the remaining equity in your home. How will the income from the Reverse Mortgage affect my taxes, social security or other benefits? – Proceeds from a Reverse Mortgage are not taxable, it’s your money (equity), not taxable income. Nor will your regular Social Security or morgage glossary Medicare be affect
