Are the proceeds from a reverse mortgage loan considered taxable income? Will I have to pay and declare taxes for the income I receive from a reverse mortgage? Am I responsible for taxes on reverse mortgage proceeds? Is income from a reverse mortgage loan taxable income?
You have questions regarding the income you are going to receive from your homes equity in the form of a reverse mortgage.
The good news is that this is a very straight forward answer. The answer is NO, you will not have to pay any income taxes from your loan proceeds.
Here is an answer coming directly from the IRS to back up those statements above.
For Senior Taxpayers
Question: Are the proceeds I received from a reverse mortgage taxable to me?
No, the amounts received from a reverse mortgage are not taxable. A reverse mortgage is a loan. The lender is paying you (in a lump sum, a monthly advance, a line of credit or a combination of all three) while you continue to live in your home.
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