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Does A Reverse Mortgage Affect Your Social Security and Medicare Benefits?
DDA Mortgage • Jul 20, 2022
Reverse mortgages are an increasingly popular way for seniors to get help with their bills and stay in their homes. But there are some misconceptions about how they affect Social Security and Medicare.
Reverse Mortgages' Affect On Social Security
A reverse mortgage does not affect your social security because social security is not a needs-based program. Instead social security benefits are calculated by average indexed monthly earnings. For more information visit
www.ssa.gov. This means reverse mortgages will not have an impact on your social security benefits.
Reverse Mortgages' Affect On Medicare
Your Medicare benefits will also not be affected by a reverse mortgage. Again, Medicare is not a needs-based program, and the income you receive from a reverse mortgage will not impact your Medicare benefits.
Reverse Mortgages' Affect On Needs-based Programs
Be aware, that needs-based programs like Medicaid and SSI (supplemental security income) may be affected if you get a reverse mortgage.
If you would like to speak to a Reverse Mortgage advisor, give us a call (727) 784-5555. Or use our form below to ask a question.
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