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do I have to pay taxes on the proceeds of the sell of my home with a reverse mortgage?

by byfaith173208 from Atlanta, Georgia. Apr 29th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Recommend you ask a tax professional. If you have a gain on sale of the property it won't matter whether the mortgage was a reverse or standard mortgage.

Apr 30th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info would be needed.. When selling your home, so long as it's been your primary residence for 2 of the last 5 years, and your GAINS (not proceeds) are not greater than $250K if your single, or $500K if your married, and the home sells for less than $1M, then no taxes would be due.. But if your not selling your home, but taking out a reverse mortgage, then those proceeds are not subject to taxation. If you inherited the property and it has RM on it, and you sell it, then more than likely, you would have a tax liability, and for this scenario, you would need to discuss your scenario with a qualified tax professional. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015
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