Reverse Mortgages And Government Benefits - part 2

by Dan Lewis

In recent years, the government has tried to find methods for reducing the amount of benefits they pay out to citizens. One of the factors they like to use is the asset value you hold. If you have a certain amount of assets, your benefits are reduced or terminated because they government takes the position you do not need them. An analysis of government benefits is beyond the scope of this article, but reverse mortgages have an impact.

Generally, taking a reverse mortgage on your home will not affect Medicare or social security benefits. This is true, however, only so long as you spend the full amount you receive each month. The magic number in this equation is $2,000 for single homeowners and $3,000 for couples. The government is always playing with benefit issues, so make sure you get up to date information on the situation. You want to understand what you are getting into, particularly if you are heavily reliant on Medicare for the payment of medical bills.

In general, reverse mortgages do not impact most government benefits. That being said, make sure to get an informed opinion on exactly what will happen before you agree to a reverse mortgage.

Copyright (c) Dan Lewis

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