Q: My daughter, who is 15 years old, misplaced her purse. She had her Social Security card inside her purse. Can you please help and tell us what steps we should take and who we should notify?

—N.S., North Kingstown

A: She’ll need to fill out a special form and file it with the Social Security Administration, said agency spokesman Kurt Czarnowski.

It’s Form SS-5. Obtain a copy by visiting your local Social Security office or calling the Social Security program toll-free at (800) 772-1213. You may also download a copy from the agency’s Web site:

www.socialsecurity.gov

The form includes detailed instructions. For example, it’ll show what documents she’ll have to provide as proof of identity, Czarnowski said.

(If your daughter doesn’t have a passport or driver’s license, the agency may accept other documentation, such as a high school ID card, he said.)

After you submit the form, it typically takes 7 to 10 days to obtain a new card, he said.

One more point: “People should not routinely carry their Social Security card with them. There’s no need to,” Czarnowski said.

Instead, keep it in a safe place at home or in a safe deposit box at a bank or credit union. In other words, take steps to avoid loss or theft of your card.

You’ll probably need the card only on occasion — when you’re applying for a job, for example, or filing for certain government benefit programs.

Q: I have a reverse mortgage. I am paying monthly interest, which is taken out of the loan, not out of my pocket. Can this be deducted . . . ?

—R.W., Westerly

A: No, said Robin Christian, senior tax analyst from the Tax & Accounting business of Thomson Reuters.

A reverse mortgage is typically geared to people 62 and older. It essentially lets you obtain cash by tapping the equity in your house.

It’s the reverse of a traditional mortgage, where you pay the lender.

With a reverse mortgage, the lender pays you.

In general, you borrow against your house’s equity, and receive a payment each month as a result. (Other payment arrangements may also be available.)

The interest on the loan accrues, adding to the loan balance, Christian said.

Because you don’t actually make interest payments, you don’t get to deduct them, she said.

The loan typically doesn’t come due until you die or move away and the house is sold.

Keep in mind, however, that taking out a reverse mortgage is a big step — and can be far more complicated that the TV promotions suggest.

Significant fees and other costs may be involved. In addition, some promoters bundle a reverse mortgage with a variable annuity or other such product — which may not be appropriate for you, but generates high fees for themselves.

Before you sign up for a reverse mortgage, talk to a financial adviser, who may be able to recommend other options that may best suit your circumstances.

Under legislation approved by the General Assembly and signed into law by Governor Carcieri in June, Rhode Island requires that you complete a special reverse-mortgage counseling program before entering into a reverse mortgage arrangement.

Q: I just want to know whether you have an 800-number for information about Series EE savings bonds that I purchased back in the early ’90s.

—K.W., Greenville

A: Call the U.S. Treasury’s savings bond processing site toll-free at (866) 388-1776.

Questions about your money matters? Call us at 1-401-277-7484 and leave a message, or e-mail:

moneyline@projo.com

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