TaxProIRS Tax Information, Products, and Sites of InterestThe various reference links and calculators will provide you with food for thought. Any computations you arrive at with these sources should be considered rough estimates. If you are looking for numbers you can rely on, please check with your tax advisor for assistance. |
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Some Internet Sites of Interest We hope the following links will be of use to you. We do not endorse any business or product you may find as a result of these links. The links were chosen as a sample of what the Internet has to offer. There are many fine companies on the Internet, but there are also those who should never be allowed to sell anything to anyone. We caution you: do not enter into any agreement or purchase anything via the Internet until you and your advisors are satisfied that you are getting what you are paying for. |
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Tax.org Tax Analysts: The Nation's #1 Tax Policy and News Magazine Tax Lawyers Biggest directory and Tax Lawyers resource site on the Internet. Reverse Mortgage*Alternatives to Reverse Mortgages Low-Cost Public Loans - Here's how to find the lowest-cost reverse mortgages for home repairs and property. More Costly Private Loans - Learn how to evaluate reverse mortgages designed for high-value homes. Public Benefits: An Alternative - Find government programs that may be a better choice than reverse mortgages. Seriously Consider Selling - Look into selling as a way to evaluate whether a reverse mortgage is worth the cost.FHA funds housing counseling agencies throughout the country who can provide information on reverse mortgages. To find a HECM counselor near you, visit the FHA HECM Roster or call (800) 569-4287. HUD's Federal Housing Administration (FHA) The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085. FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA lender. ReverseMortgage.org Established in 1997, NRMLA is the national voice for lenders and investors engaged in the reverse mortgage business. NRMLA fulfills several roles, which include educating consumers about the opportunity to utilize reverse mortgages, training lenders to be sensitive to the needs of older Americans, developing Best Practices and enforcing a Code of Conduct to make sure lenders participating in the program treat seniors respectfully, and promoting reverse mortgages in the media. Reverse Mortgage Calculator This free calculator provides approximate estimates for two federally-insured reverse mortgages. These estimates do not reflect local cost variables, are not an offer to make you a loan, do not qualify you to obtain a loan, and are not an official loan disclosure. AARP does not endorse any specific reverse mortgage product or lender. Reverse Mortgage Loans: Borrowing Against Your Home Download this consumer guide to reverse mortgages from the AARP Foundation Reverse Mortgage Education Project. Reverse Mortgage Program Information by State An American Bar Association guide states that generally "the IRS does not consider loan advances to be income." The guide explains that if you receive SSI, Medicaid, or other public benefits loan advances are counted as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them. If you do, you could lose your eligibility for these programs if your total liquid assets (for example, money you have in savings and checking accounts) are greater than these programs allow. *Note: Avoid reverse mortgage products from Bank of America of any subsidiary of Bank of America |
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