Larry McAnarney
815-703-4745

Reverse Mortgage Tax

Reverse Mortgages & Taxes

Reverse Mortgage Income is NOT income-taxable¹. Since it comes from the equity of a primary residence and is considered a mortgage loan, the IRS does not consider the reverse mortgage proceeds as income and therefore not income-taxable¹. The income-tax free income¹ from the reverse mortgage is a boon to many Senior Citizens, struggling to retire on too small an amount.

Visit the following link to return to the ReverseMortgage home page or request a free Reverse Mortgage Quote.

¹ Consult a Tax Professional

Verified Reviews

(216)

Larry Was Excellent Larry was excellent. He introduced us to the reverse mortgage program and then helped us through all the steps, answering our questions and giving us updates on what was happening. Throughout it all, his knowledge, competence, patience and kindness made it easy for us to understand. It was a pleasure to work with him and we would recommend him to anyone.

Philip A — May 8, 2020

Great Service, Larry Had My Back Larry McAnarney was not only thoroughly knowledgeable and professional, but he was also a kind and patient guide as I navigated the entire Reverse Mortgage process. He always answered all my questions, either via phone, text, or email, promptly. Every step of the way, I felt that Larry had my back. For example, he gave me excellent advice on what to expect during the appraisal and thorough information about the closing process. He also was very clear and concise when it came to explaining the whole structure of my Reverse Mortgage. Throughout the Reverse Mortgage process, I felt that I was dealing with someone of the highest honesty and integrity. I highly recommend Larry McAnarney to anyone seeking to obtain a Reverse Mortgage.

Mary M — Jan 13, 2023

I Give Larry 10 Stars! We looked at the reverse mortgage as a way to help increase our monthly income. We initially looked at selling our home but decided we really wanted to stay in our home. We were given Larry’s name by a Realtor and the rest is history. There were challenges that needed to be overcome, but Larry helped us through everything. I would recommend him to anyone. I give him 10 Stars!!

Tim & Carol M — Mar 5, 2019