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Summary: Reverse mortgages don't affect property taxes, but it does cost a considerable amount of money to get an appraisal done. Find out how to save money on future taxes after getting a home appraised with help from a former HUD agency counselor for reverse mortgages in this free video on property taxes and reverse mortgages.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
"Hi, my name is Bob Dixon and I'm better known as Mr. Reverse Mortgage. I'm a former HUD agency counselor and I have counseled people in every state of the country including Alaska and Hawaii, on just about every type of reverse mortgage. Now the question today is, how do reverse mortgages affect my property taxes? Now this seems like a pretty simple question and that is what makes these videos particularly attractive. They don't effect your property taxes, you are going to pay the same property taxes you paid before, but you just spent a small fortune on getting an appraisal done, to an FHA appraiser to get your reverse mortgage. Now with property values declining, if your property value has gone down, this is an unbelievably good time to go in and have your property reassessed. You have got the appraisal in hand. You have got the biggest expense taken care of and why not go back into the assessor's office with that appraiser and you can look up what your house is valued at by going to the tax records and save yourself some money for taxes in the future. Again, my name is Bob Dixon, better known as Mr. Reverse Mortgage and thank you again."
eHow Article: How Do Reverse Mortgages Affect Property Taxes?
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