ACWDL 08-17: Home equity conversion plans and reverse mortgages (4/25/2008)

Non-exempt loans requiring repayment are considered property in the month of receipt, but reverse mortgage payments that require the purchase of an annuity are considered unearned income. A line of credit is not available income, but if someone pulls down from the line of credit, holds on to the funds for the month, and does not report they have an overpayment on their hands. For more of these exciting intricacies check out the letter. [Download]