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Mortgage sharing plan
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MGC94
Level 7
05-31-2022
11:26 AM
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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?
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3 Comments 3
qbteachmt
Level 15
05-31-2022
12:34 PM
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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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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
George4Tacks
Level 15
05-31-2022
02:09 PM
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Here's wishing you many Happy Returns
qbteachmt
Level 15
05-31-2022
04:43 PM
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That's not really "mortgage sharing," either.
I wonder if they file a lien on the property or retitle the property?
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
