This is the third in a three part series of frequently asked questions about Reverse Mortgage. You can find Part 1 here and Part 2 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly.
Will I Lose My Government Assistance If I Get a Reverse Mortgage?
A reverse mortgage does not affect regular Social Security or Medicare benefits. However, if you are on Medicaid or other public assistance, any reverse mortgage proceeds that you receive must be used immediately or they may affect your eligibility. Reverse mortgage funds that you retain would be considered an asset, just as other bank funds.