Ask Terry Questions Does Medicare premium increase if we take out a home loan?

Does Medicare premium increase if we take out a home loan?

By Terry Savage on October 08, 2024 | Financial Planning / Retirement

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.

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