If property taxes are the reason you are thinking about a reversible mortgage, consider contacting an accountant or your county about tax deferral programs or a homestead tax exemption.
Other low-income residents under the age of 65 may qualify for property tax deferral programs as well.
A number of states have established some type of an elderly deferral of property tax program.
Primarily, property tax deferral programs are available to citizens over the age of 65.
The criteria for qualifying for an elderly deferral of property tax vary by state.
This type of arrangement is called an elective deferral.
The deferral in the title refers to the fact that annuitant will not receive any payments from the plan until later.