HAVE YOU CONSIDERED OTHER STRATEGIES TO SUPPLEMENT YOUR RETIREMENT INCOME? Do you qualify for public or private benefits available to low-income people with Medicare? Borrowers will learn if they are eligible for grant money or other financial assistance during reverse mortgage counseling by using Benefits Checkup, a tool for identifying services such as housing assistance,Continue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 8”
Monthly Archives: September 2021
QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 7
HOW LONG DO YOU AND YOUR SPOUSE PLAN TO REMAIN IN THE HOME? Like many financial products, reverse mortgages have charges connected with them. Some of which must be paid upfront when the reverse mortgage is secured. This means, for example, that if you or your spouse are not likely to stay in your homeContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 7”
QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 6
DO YOU RECEIVE ASSISTANCE UNDER ANY GOVERNMENT PROGRAMS THAT ARE BASED ON YOUR CURRENT INCOME? A reverse mortgage does not affect regular Social Security or Medicare benefits. However, reverse mortgage proceeds may affect your benefits if you are on Medicaid or receive Supplemental Security Income (SSI). Although reverse mortgage loan advances are not considered income,Continue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 6”