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Can our reverse mortgage, who is now with HUD be considered as a true mortgage? Dont know how to proceed with this?
Never received a 1098 before even though we bought in 2009. Not sure how to proceed with this?
Vanessa11_2Answer
Level 13
June 3, 2019
According to IRS Pub 936 Mortgage Interest page 5, "Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible."
So, if you received a 1098 for your reverse mortgage, this is not reportable or deductible.
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