line of credit: What are the Reverse Mortgage payout options, and are they taxable?
- 02/17/11 09:32 AM
What are the Reverse Mortgage payout options, and are they taxable? A question I'm often asked about a Reverse Mortgage is: how do I get the money? And, will I be taxed on the money from a Reverse Mortgage? There are 6 different payout options for a Reverse Mortgage, and they are all based off the equity in your home at the time of closing. Lump Sum: This is the most common form of payout I see. It is the full amount of the Reverse Mortgage, in a complete lump sum. No monthly check, and no Line of Credit. Line of … (4 comments)
What are the Reverse Mortgage payout options, and are they taxable?
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