Family Caregiver Resource Guide - Santa Fe 2016 | Page 20

A reverse mortgage allows senior homeowners, 62 or older, to tap into the equity
in their home without creating a mortgage payment. The interest, ongoing mortgage
insurance and servicing fee (if there is one) are added to the balance each month and
is re-paid whenever the house is sold. The homeowner retains title to the property and
is responsible for paying the property taxes, homeowners insurance and keeping the
house maintained in good condition. The money received from the reverse mortgage is
not taxable as income, because it is borrowed money and eventually will be re-paid. The
Financial Assessment and Property Charge rules apply to new FHA HECM case numbers
ordered on or after April 27, 2015. Since it is a Federally Insured program, federal tax
liens have to be taken care of and you can’t currently be in bankruptcy proceedings.

ESTATE PLANNING / WILLS / SENIOR LAW PRACTICES

Bulman Law, P.C. ............................................... 505-820-1014
[e-mail]
Ruyle Law........................................................... 505-690-5109
[e-mail]

Legal & Financial • 2016

2016 • Legal & Financial

REVERSE MORGAGE

Zia Trust.............................................................. 505-881-3338
[e-mail]

FINANCIAL SERVICES

Claudia M. Phillips Insurance & Investment Solutions
............................................................................. 505-466-1548
[e-mail]
www.newyorklife.com
NM Financial Partners - Katrina Johnson........ 505-913-0129
The Care Management Group of New Mexico..505-983-7491
[e-mail]
Zia Trust.............................................................. 800-996-9000
www.ziatrust.com

Access the “Go-To”

ONLINE

Caregiver Resource Guide
for New Mexico

Family Caregiver Resource Guide Online
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PTFCG.COM • 880-0470

Your Trusted
Care Advisors
Since 2001
• Assessments & Consultations
• Health Care Navigation
• Evaluate Living Options
• Community Resource Coordination

www.CareManagementGroupNM.com
1- 844 - CARE MGT (227-3648)

ptfcg.com

ptfcg.com

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