But the majorities of them are in fact homeowners and are tax paying voters. The Federal Government does not tax the proceeds of a Reverse Mortgage, but the State of Florida taxes the mortgage two times in the same transaction. These taxes are taxed on the Mortgage and then a Tax stamp is also charged which amounts to a large sum of money being taken from the senior. If Seniors are to be able to help them selves in the tough economic times and use the asset that they paid for all of their lives then they should not be taxed on those funds, The State of Florida is one of the only states that taxes the proceeds from a Reverse Mortgage. This Reverse Mortgage specialist is fighting mad and I think all people in the state should be on the band wagon and fight this tax.
Now not to mention; the losses, that are being felt by the depletion of assets in pension plans, 401k’s and Ira’s by massive amounts. Now is the time to help our seniors who have worked hard all of their lives and now need to tap into the equity that is left in their homes by way of a Reverse Mortgage. One of the problems that has been seen is the State of Florida’s Intangible Tax and Mortgage tax stamp fee’s that have to be paid at closing.
The introduction of mortgage tax relief in France was one of the main pledges made by Nicolas Sarkozy in his 2007 presidential campaign, so the announcement that it is to be curtailed so soon after it was introduced is not going to go down too well with the public.
These two taxes that come directly out of the proceeds to pay the state can amount to several thousands of dollars. With all of the losses that have dwindled away at the seniors nest egg they really need some relief in the so called Golden years of their lives. Unlike younger people they do not and cannot go out into the fields of employment to make up for the losses nor will they have the life expectancy to recover.