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.
Jan Vincent
Montrose, VICTORIA
Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA
Don & Christine Perrett
Leongatha, VICTORIA
Paul & Barb Spark
Somerville VICTORIA