Social Security and Medicare benefits are not generally affected by a reverse mortgage loan.
However, a reverse mortgage loan may affect other programs, such as SSI and Medicaid. These programs are provided to people who have "limited" income and resources. Therefore, if you receive a large sum of cash from a reverse mortgage which is not used immediately, those funds can be counted as an asset which could exceed your eligibility benefits.
This does not mean that you are automatically disqualified from receiving SSI or Medicaid if you get a reverse mortgage loan. However, you must be careful not to hang on to the funds for too long. It is best to speak with your SSI adviser prior to taking out a reverse mortgage loan to make sure you comply with their income and asset requirements.
If you have questions about this, give us a call! 855-469-7383. You can also sign up for our free reverse mortgage guide to get detailed reverse mortgage loan information.
Laura Funderburk is a highly sought after reverse mortgage loan specialist in Dallas, Texas. She has focused on this specialty loan for many years and stays up-to-date on the latest trends and changes. She is known for helping retirees supplement their retirement income using a reverse mortgage loan without being pushy or overbearing.
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