Does A Reverse Mortgage Affect Social Security, Medicare, or Medicaid

Social Security and Medicare

Every senior citizen is eligible for and probably receives social security and medicare. The natural question is whether or not a reverse mortgage will affect social security and medicare. The short answer is no!

Social security and medicare do not require a "means-test". In other words, you do not have to have an income less that a set amount or have assets less that a certain amount in order to qualify for social security or medicare. Rather every senior citizen is eligible regardless of his/her income or assets. Because income and assets do not make a difference, a reverse mortgage will not make a difference with social security or medicare.

Medicaid

Medicaid is different from social security and medicare. Medicaid is "means tested". If you make too much or have too much in assets, you will not qualify for medicaid. The income from a reverse mortgage can interfere with medicaid. If you receive medicaid and want to obtain a reverse mortgage, talk with your state's medicaid administrator for guidance and to determine if you can get a reverse mortgage.

This ebook is for general information only and may or may not be applicable to your situation. If you have any questions whatsoever, talk with a mortgage broker or lawyer licensed in your state.

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