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Frequently Asked Questions
Q: If I take on a reverse mortgage, how will it affect my government benefits?
A. Having a reverse mortgage should not affect your Social Security or Medicare benefits.* However, if you receive SSI, Medicaid, or other public assistance, your reverse mortgage loan advances are counted as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them. You must be careful not to let your total liquid assets become greater than these programs allow. You should discuss the impact of a reverse mortgage on federal, state, or local assistance programs with your financial advisor and/or Social Security or Medicare agencies.
Related Links
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