Mortgage sharing plan

Forum|Forum|4 years ago
May 31, 2022
2 replies
10 views

Is this considered income? Here is the link to the website.

How does Unison affect my taxes?

Unison is not a tax advisor and does not provide tax advice. We always recommend that you consult with your tax advisor for personalized advice, and we are certainly happy to speak with him or her directly.

We believe that under current tax law, a homeowner entering into a Unison HomeOwner Agreement should not have to pay taxes on the cash we provide you. Please contact us if you have further questions.

Anyone hear of this before?

ProSeries Professional

This topic has been closed for replies.

qbteachmt

Level 15

It seems to be a reverse mortgage process. You borrow against the home to create a funded line of credit, which you later repay by the sale of the property. They make lots of money upfront from the closing costs and fees of the agreement.

https://www.unison.com/blog/reverse-mortgage-payments-costs/

The proceeds from borrowing are never taxable income.

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