The payments feel like income but they're not. They're the proceeds of a loan. They're not taxable and don't affect your eligibility for low-income programs such as Medicaid and Supplemental Security Income. You can stay in your house as long as you like without making payments on the loan. The lender is reimbursed, plus interest, from the proceeds when your house is sold.
Reverse mortgages are available in every state but Texas.
South Dakota, a former holdout, will open its market July 1. Because this information is available free, it came as a shock to the industry to find that salespeople were charging for it. I was in total shock. She declined to comment on Wittig's payment, which is obviously much higher. Scholen is plumping for rules requiring reverse-mortgage lenders to ask whether customers signed something to get help with the loan.