If there is one concern that is quite common with a reverse mortgage, it’s if the benefits will be affected once the loan is received. If you are the borrower, will your Medicare, Social Security, or pension be affected once you take out a reverse mortgage? There are several myths about what would happen to your benefits. But listed below are the facts that you should know.
The Effect of Reverse Mortgage Loans On Your Benefits
A reverse mortgage will not affect your social security benefits. You will continue to get your benefits and they won’t change once you take out your reverse mortgage. You’ve been paying into your Social Security while you have been employed, and getting a reverse mortgage will definitely not affect this. For instance, you used to work three jobs and you paid into your social security. Now that you are retired, you will finally get to collect your well-deserved benefit. If you have decided that a reverse mortgage loan is the best option for you, you don’t have to worry about your benefits.
If you take out a reverse mortgage Myrtle Beach, you should not worry about your pension benefits. Let’s say you’ve worked for 30 years and you’ve managed to build up your pension throughout those years. This will not be affected if you take a reverse mortgage. You worked hard for this and a reverse mortgage loan should not have an impact on it in any way.
The only that can be possible affected if you take out a reverse mortgage loan is your Medicaid benefits. In order to be eligible for Medicaid, applicants must have no more than $2,000 in assets on any day. This, on the other hand, will not have an impact on your eligibility for a reverse mortgage because your income does not play as a factor for a reverse mortgage. You could still get a reverse mortgage loan but you might not be able to get your hands on your Medicaid benefits.
Medicaid is the only program that may be affected by a reverse mortgage loan Myrtle Beach. If you have any question, call Reverse Mortgage Specialist for more information.
Call Reverse Mortgage Specialist today and find out if this type of loan is the best option for you.
Reverse Mortgage Specialist
1293 Professional Drive, Suite 204
Myrtle Beach, SC 29577