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An elderly couple the money you borrow on the equity of your home in a reverse mortgage count as income for Homestead credit?

by mary.sladich487 from , Wisconsin. May 5th 2014 Reply

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.

May 5th 2014
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

May 6th 2014
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