NYC Tax Advocates

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Specializing in IRS and NYS Tax Representation. Workers Compensation Audits, Payroll, Sales and Income Tax representation for Businesses, Individuals, Restaurants and Construction Companies. Civil and Criminal Workers Comp Audit representation includes: NYSIF Examinations, Premium Disputes, Employee Misclassification, Underreporting, Unreported Income, and Failure to Keep Accurate Payroll Records.

Thursday, August 18, 2016

The Greatest Tax Loophole. The Non-Cancelable Line of Credit & No-Recourse Reverse Mortgage

Reverse Mortgages a/k/a (“Home Equity Conversion Loans”) were specifically designed for house-poor seniors and elderly Spendthrifts. Which is why unscrupulous Sales Promoters like to target senior citizens, needing to supplement their meager savings just to make ends meet. 

Under this sort of financial pressure, says David Selig of Selig & Associates, many senior citizens have been swindled. Conversely says Selig, knowledgeable tax practitioners, accountants and attorneys recommend successful people, ages 62 and older, take advantage of the existing equity conversion loophole. 

“The last great loophole, says Selig, is a non-cancelable line of credit & no-recourse reverse mortgage home loan.”

Selig advises his clients to establish a reverse mortgage line of credit that grows in value each year. This is one of the greatest moves a senior can make, since the only security is the house, and all excess funds are treated as a non-recourse loan.

A Case in Point: Lets say your home is worth $600,000 and you establish a Home Equity Conversion Mortgage line of credit with a present credit line of $300,000. In 10 years, your available line of credit could far and away exceed the value of the home.  At that time, you may withdraw all of these funds, and never repay the shortfall. This truly is one of the last great loopholes still available.  

For additional information contact David Selig and Attorney Bradley Dorin at (212) 974-3435. 



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Selig & Associates is a boutique Tax Representation and Risk Management Firm specializing in unpaid tax obligations and commercial insurance coverage

  Tax Advocacy      Federal Tax Practitioner, CPCU and Attorney. Practicing before the Internal Revenue Service and New York State Departmen...