Social Security and Medicare are not affected by reverse mortgage proceedings, but supplemental social security and Medicaid have income and asset limits so they could be affected by reverse mortgage proceeds.
Simply knowing how much you should have in the bank at the time of a means test could be the difference increasing your benefits or losing them.
As an example; draws from a reverse mortgage could allow homeowners to reduce Medicare’s Modified Adjusted Gross income calculation thereby reducing Medicare premium surcharges for the following tax year.
One of the greatest benefits of reverse mortgage payments is how they can be used to delay social security benefits, allowing you to take advantage of the monthly increase in distributions at age 70, instead of taking reduced payments earlier in life.
You’ll want to ask your government benefits administrator if your current benefits are means tested, and does the amount you have in the bank or monthly draw-down exceed the limits of the means test.