Are you surprised at how much it costs to take money out of the IRA’s that you established so many years ago? Does it make you mad to know that even though you did the right thing and saved money in retirement accounts so that the government could be sure that you did not need to be taken care of when you were a senior citizen, now they want to tax you on it? Take a look at a reverse mortgage.
Why? Because a funds received from a reverse mortgage are NOT taxable।
If you wanted to purchase something that costs over $78,850, and used your IRA to fund that purchase,(EVEN IF YOU DID NOT HAVE A DIME OF ANNUAL INCOME), you would now fall into the 28% tax bracket.
This means that you will be paying, in addition to sales tax, an income tax of $22,078 on that purchase.
If you got a reverse mortgage and made that purchase with the funds from your reverse mortgage, you would not pay one dime in additional income tax. That’s right….ZERO income tax.
What’s even better is that you can pay that money back into your reverse mortgage whenever you have extra cash.
The more you are educated on a reverse mortgage, the more you will understand that it is an entitlement to seniors.
Bob
bob@az62.com
www.az62.com
623-214-6663
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