Rhode Island Reverse Mortgage Guidance
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Rhode Island Reverse Mortgage Guidance
Reverse mortgages in Rhode Island are not taxable, and generally do not affect your Social Security or Medicare benefits. You retain the title to your home, and you do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence.
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Snapshot of Rhode Island
1.1 M
Population$133,000
Median Home Value60%
Home Ownership Rate14%
Percent PopulationOver 65Find Your City to Compare State and National Averages
| Location | Population | Med. Home Value | Home Ownership Rate | % Population Over 65 |
|---|---|---|---|---|
| USA | 307,006,550 | $119,600 | 66% | 13% |
| Rhode Island | 1,053,209 | $133,000 | 60% | 14% |
| Cranston | 81,479 | $122,500 | 67% | 17% |
| East Providence | 49,123 | $117,900 | 59% | 19% |
| Newport | 24,409 | $161,700 | 42% | 13% |
| Pawtucket | 72,998 | $99,000 | 44% | 15% |
| Providence | 175,255 | $101,500 | 35% | 11% |
| Warwick | 85,925 | $111,700 | 73% | 17% |
| Woonsocket | 43,940 | $112,800 | 35% | 15% |
Source U.S. Census Bureau: State and County QuickFacts. Data derived from Population Estimates, Census of Population and Housing, Small Area Income and Poverty Estimates, State and County Housing Unit Estimates, County Business Patterns, Nonemployer Statistics, Economic Census, Survey of Business Owners, Building Permits, Consolidated Federal Funds Report
