The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy! Seniors apply for a reverse mortgage for all manner of reasons. There are some folks who need the funds to make their financial life easier, but there are many who simply want to enhance their current lifestyle. There are important points to consider about reverse mortgage and the homeowner doesn’t need good credit to obtain a reverse mortgage. The proceeds do not affect your Social Security, Medicare, or any other benefits you receive and the proceeds are income tax free, because they are not considered income.

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