Are Reverse Mortgage funds taxable in the hands of the borrower?

Normally, receipt of reverse mortgage funds is not considered taxable income. It is simply a return of the capital tied up in your home. Tax issues could arise, however, if funds are invested to produce an income or purchase an asset that may later be sold to produce a capital gain. Financial advice should always be obtained if you have concerns about taxation issues.

This entry was posted on Wednesday, September 9th, 2009 at 3:08 am and is filed under REVERSE MORTGAGES IMPORTANT CONSIDERATIONS. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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Thanks for all your help and for making it so easy for me. Life will be so different now.

Jan Vincent
Montrose, VICTORIA

Thank you for your time on the phone yesterday and copying me into the below email.
I just wanted to take the time to say that I have never seen such a comprehensive email provided to clients by a Broker before. Very clear and detailed.
I hope it’s ok that I hold onto your details to refer to clients who may need assistance.
Kind Regards,

Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA

We have found Barry Le Brocq of Melbourne Mortgage Finance to be very patient, caring and diligent in achieving a successful outcome to our refinancing requirement. We have no hesitation in recommending his services to others.

Don & Christine Perrett
Leongatha, VICTORIA

Many thanks Barry for the exceptional service that you have provided. We will most certainly be recommending you to our daughter (Bank of Melbourne branch manager) for any future customers who need a reverse mortgage loan.

Paul & Barb Spark
Somerville VICTORIA

 

LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

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