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 »

Complaints About Reverse Mortgages?

Reverse mortgages are a type of mortgage that allows people to live in their houses and retain ownership, while receiving an immediate loan amount for the equity in their homes. These reverse mortg... Read More »

What are the problems with reverse mortgages?

Older homeowners may have a great opportunity to access the funds in their home's equity using reverse mortgages. However, some of the disadvantages of these types of mortgages should be considered... Read More »