An elderly couple the money you borrow on the equity of your home in a reverse mortgage count as income for Homestead credit?
Chereen Taylor (ChereenRenovationReverseandeverythingelse)
#34 ranked lender in Wisconsin - 8 contributions
The money received from a reverse mortgage does not need to be reported as income on your tax returns because it is a loan. It is recommended that you have a professional prepare your taxes so everything is done properly.
Donna Gagnon (Donna Gagnon)
#3 ranked lender in Wisconsin - 12 contributions
No, money from a Reverse Mortgage is not taxable. It is a loan against your equity in the home. CiCi Murphy, Wisconsin lender specializing in Reverse Mortgages. 262-754-4010 www.cicimurphy.com
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