Great Piece in SmartMoney Today about the Reverse Mortgage Tax Implications

By
Real Estate Mortgage Broker with First Meridian Mortgage

Bill Bischoff wrote stoday in SmartMoney that the tax benefits of a Reverse Mortgage for the heirs of the borrower may be much greater than the costs of the loan. 

His summary of what a Reverse Mortgage is and how it works is very well-written and he wrote that a Reverse Mortgage can possibly cause the stepped-up tax basis to eliminate or reduce the capital gains tax that they may have to pay.

Here's a link to this short and excellent article: 

http://www.smartmoney.com/Personal-Finance/Taxes/would-a-reverse-mortgage-affect-my-taxes/

 

 

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Topic:
Lending / Financial
Location:
New York
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Rainmaker
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Kathy Toth
Ann Arbor Real Estate Experts - Kathy Toth Team
Ann Arbor Market Center Keller Williams

Michael, thanks for posting.

May 27, 2010 05:39 PM
Rainer
84,205
Michael Pinter
First Meridian Mortgage

Kathy,

Thanks for the comment.

Michael Pinter

May 27, 2010 05:42 PM
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Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Michael,

That was an interesting read, thanks. I spoke to a few people I know about reverse mortgages, and they do not look at them very favourably, to my surprise. Of course, I can understand that it is not easy now with the values so low.

May 27, 2010 05:50 PM
Rainer
84,205
Michael Pinter
First Meridian Mortgage

Jon,

Thanks for the comment. Unfortunately, the media has portrayed reverse mortgages very negatively and people like me as predators. The need for reverse mortgages has never been greater and the product will continue to do well. Feel free to subscibe to my blog.

Michael Pinter

May 28, 2010 08:52 AM
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Michael Pinter

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Everything you ever wanted to know about Reverse Mortgages.