Video — How Do Medicare And Social Security Affect Your Reverse Mortgage?

Reverse mortgage proceeds do not affect regular Social Security or Medicare benefits. If you are on Medicaid or Supplemental Security Income proceeds must be used immediately. Any funds you retain count as an asset and may affect your eligibility for Medicaid or SSI. To be informed and safe, contact the local Area Agency on Aging, or a Medicaid expert, as early as possible in assessing a Reverse Mortgage.