At VanDyk Mortgage,
one of our favorite questions to ask our clients is: “How Can I help You today?”
Client request-
“I want to liquidate the equity in my home but not pay taxes on the money I
receive.”
VanDyk Cincinnati says- “Mortgage proceeds from a
HECM reverse mortgage are tax free because it is not considered income.” Remember;
talk with your financial advisor and/or government agencies to determine any
effect on your specific case.
Better yet, did you know you can use the net loan proceeds
for any reason you decide? It’s true. Some borrowers use it to pay off debt,
remodel their home, help their adult children, or put in the bank to use as
needed to supplement their retirement income.
How can we help you today? Call us now at 513-429-2122 ask
for David.
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