Are any of the costs upfront for the new Reverse Mortgage we got in May 2018 deductible?

mcflorek · ‎June 4, 2019

This is a reverse mortgage.

Vanessa · ‎June 4, 2019

No, neither the costs nor the interest is deductible. A reverse mortgage is now treated as a home equity line of credit which is also not deductible.

"Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible." https://www.irs.gov/pub/irs-pdf/p936.pdf

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Vanessa · ‎June 4, 2019

No, neither the costs nor the interest is deductible. A reverse mortgage is now treated as a home equity line of credit which is also not deductible.

"Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible." https://www.irs.gov/pub/irs-pdf/p936.pdf

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Are any of the costs upfront for the new Reverse Mortgage we got in May 2018 deductible?