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

(233)

Great Communication, Kind, & Patient Larry was great at communicating and explaining every step involved in the process of getting the reverse mortgage done for us. His demeanor is very kind and patient. So thankful for all that of his help

Jan T — Dec 6, 2023

The Customer Comes First Her I have been very happy with all of my dealings with Larry McAnarney. He has the drive needed to handle all the details in a timely manner but explain the steps and concepts in an easy to understand and gentle, laid back manner. Never a hard sell with Larry. With a plan to close the transaction before the first of the month, Larry kept the momentum going until all was settled with four days to spare. He was available for questions and advice at all times which was very beneficial because of the timetable involved. Professional and engaging. Win-Win-Win.

Valerie D — Jan 30, 2015

Very Helpful and Answered My Questions I talked to 3 different RV mortgage companies to start with and all of them wanted me to sign up, offering very little information. Then I talked to Larry McAnarney. He was very helpful explaining details and answered my questions very well. He was very patient with me and we closed the reverse mortgage. I would highly recommend him for reverse mortgage loan.

Jack C — Feb 3, 2020