Borrowers may be eligible to receive between $50,000¹ and $1 million. How much borrowers qualify for depends on their age, the home’s value, and how much is owed on their first mortgage.
The money from HomeSafe Second is not subject to income tax² because it is a loan. However, borrowers must comply with loan terms including paying taxes, insurance, HOA fees, and maintain the home.
1. Actual loan amounts vary based on program limits, borrower eligibility, and underwriting requirements. In Oregon the minimum payout amount is 50,000.01.
2. Consult a tax advisor. This information should not be considered tax advice.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
