Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing

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Hopefully, you leave this guide with a better understanding of how much a reverse mortgage might cost you, both in terms of up front fees and the ongoing interest you will pay. As you’ve likely picked up on by now, these costs can be substantial.

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Robbins, Timothy G. "Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing." Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing EzineArticles.com.

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Also, mortgage interest paid as part of the monthly payment for a traditional mortgage can be deducted if one itemizes his/her deductions. Is there any similar deduction available for the interest associated with a reverse mortgage? I’ve already asked my "tax professional" and he did not know the answers to these questions. Thanks!

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With reverse mortgages, it’s more complicated. First, you may be looking to refinance because it’ll increase the amount that you can draw. Of course, there are closing costs associated with a reverse mortgage refinance. These are the same costs that must be paid with a new loan, which we cover.

There are many benefits of a reverse mortgage for the senior over the age of 62 who has about 45-50% equity in their primary residence. In Florida Reverse mortgages are on the rise due to the increased availability of education and the benefits they provide the average senior.

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.

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