How do reverse mortgages affect property taxes?

Answer Reverse mortgages do not influence property taxes, but an appraisal that is done to obtain a reverse mortgage might affect those taxes.Appraised Value and Tax AssesmentYour property taxes are based... Read More »

Top Q&A For: How do reverse mortgages affect property taxes

Will It Affect My Taxes If My Property Forecloses?

Debt forgiven in connection with a property foreclosure can affect your taxes. Usually, canceled debt by a lender is taxable income. However, some tax exclusion is available if the property is your... Read More »

Are all reverse mortgages the same?

A Home Equity Conversion Mortgage, also called a reverse mortgage, allows seniors to borrow from the equity in their homes without payments. There are two different types of reverse mortgages, priv... Read More »

How good are reverse mortgages?

On One Hand: They can help homeownersIf a homeowner age 62 or older and has a large amount of equity in his home, he can purchase a reverse mortgage. The reverse mortgage can pay off any existing d... Read More »

Reverse Mortgages & Bankruptcy?

Reverse mortgages--a strategy that allows older people to tap into the equity of their homes--have advantages and disadvantages. These types of loans help people who are at least 62 years old acces... Read More »