Does Medicare premium increase if we take out a home loan?
Hubby & I are both 68 & on Soc Sec & Medicare. We do not have any invested monies but live fairly comfortable on our Soc Sec & a small pension.
Thinking of taking out a home loan for some needed work but just now realizing if this loan ($40,000) will affect our Medicare premiums? If so would we be better to wait till we are both 70. Thank you, Terry.
Terry Says
The money from a HELOC or Reverse Mortgage is nor considered income and will not impact your Social Security taxation or Medicare Premiums.