The exact text is "If address of property is securing mortgage is the same as PAYER'S/BORROWER'S address, the box is checked, or the address or description is entered in box 8."
Box 8 does have the address, but box 7 is not checked.
If the address in box 8 is the same as the payers/borrowers address, then yes, you can put a check mark in box 7.
Mine has roughly the same verbiage in box 7, but the address in box 8 is my physical address, which is not the same as my mailing address on the 1098 (a post office box). I don't see anywhere to enter the physical address whether I say box 7 is checked or not. Should I say it is not checked?
If the address in Box 8 is the same property that secures the mortgage, you can check the box in #7. You just want to make sure that you indicate that the mortgage is secured. It is a requirement to deduct mortgage interest which means the lender has some kind of guarantee of payment, usually in the form of property. If a borrower defaults on payments, the lender can seize the property that’s securing the loan. If you’re buying or refinancing a home, especially if it’s your first home, the loan is usually secured by the home you’re buying or refinancing.
If you leave box 7 unchecked (which you can do), you will get prompted to answer the Is this loan secured by a property of yours? question. Answering Yes there is the same as checking off box 7. If you check the box, you don't get the follow-up question.