Do not worry, you do not need to change the way you file taxes because you have taken out a reverse mortgage. The proceeds from a reverse mortgage are not classed as income and do not have to be declared. However, if you decided to make payments back to us, then you may deduct the interest paid. It is not necessary for you to make monthly payments to us, but the option is there if you choose to do so.

If you have any more questions about how reverse mortgages work, why not call us today or order our free educational DVD, presented by Former Senator Fred Thompson. We will post one to you if you contact us via the link or phone number provided.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.