Does A Reverse Mortgage Disqualify Me From Property Taxes?
I’m RJ Baxter with Fairway Independent Mortgage, reverse mortgage specialist in Colorado and 15 other states. I want to talk today about taxes, specifically property taxes, and whether getting a reverse mortgage exempts you from property tax exemptions.
There’s a couple main types of property tax exemptions that we see in different states. This of course varies by state, but one is a homestead exemption and the other one is a senior tax discount or tax exemption, which lowers your property taxes. And the short answer is, and the simple answer is that no, getting a reverse mortgage does not exempt you from these types of exemptions.
Now I am not a property tax expert, or an expert in every state. So you should consult with your county or your state to see what kinds of things might exempt you from property tax exemptions, or disqualify you rather as a better word from property tax exemptions.
But generally speaking, a reverse mortgage does not disqualify you from these programs to get your property taxes lowered. So I hope that helps you out to answer the question of whether getting a reverse mortgage disqualifies you from property tax exemptions. And I’m here to answer any other questions that you have about reverse mortgages or traditional mortgages. So just give me a call, text me, or email me if I can help you out with any of that. And I appreciate, you have a great rest of your day.