If you are considering a reverse mortgage and are worried about whether it will affect your Medicare benefits, the good news is that it won’t. The reason for this is that Medicare and standard and disability-related social security payments are not based on need, which means that even if you take out a reverse mortgage, you will still be entitled to your regular social security payment as well as your Medicare benefits. Here are a few more things you need to know:
You can use your social security benefits to prove your income when applying for loan approval.
Reverse mortgages are not taxable and do not affect the amount you owe for Medicare premiums.
As long as you continue to pay your property taxes and homeowner’s insurance, you can continue to live in your home for as long as you like, without any worry of affecting your Medicare coverage.
It’s important to understand that a reverse mortgage is a loan that allows homeowners aged 62 and older to access a portion of their home equity without having to sell their house. The loan is repaid either when the homeowner moves out of the house or passes away, and the property is sold. To sum it up, you can rest easy knowing that with a reverse mortgage, you can enjoy the benefits of both your regular social security payment and Medicare benefits.