Effects on Benefits
Will receiving payments affect one’s Social Security, Medicaid, or Medicare benefits?
Reverse mortgage payments will likely not affect Social Security or Medicare benefits* because they are based upon home equity and NOT income. With other public benefits such as Medicaid, your lender can help you determine if your benefits may be impacted.
*Please keep in mind that mortgage guidelines can and do periodically change. Thus, the information on this web site may be out-dated. Please check with a reverse mortgage professional for current guidelines.
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Other Popular Reverse Mortgage Questions:
What are some basic qualification parameters?
How much cash can I get and how do I get paid?
What happens to my debt and what is the maximum I can owe?
Will there be anything left for the borrower or their heirs once the property is sold or the borrower no longer uses the home as their primary residence?
What are some of the costs associated with reverse mortgages?
Will receiving payments affect one’s Social Security, Medicaid, or Medicare benefits?
Who owns the property, the lender or the borrower?
Is it possible to refinance a reverse mortgage if a better opportunity becomes available?
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.