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Are fees and interest on a Reverse mortgage deductible ?
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Not anymore. Those fees do not relate to purchasing the home. About Publication 936, Home Mortgage Interest Deduction page 5 states:
Depending on the plan, your reverse mortgage becomes due, with interest, when you move, sell your home, reach the end of a pre-selected loan period, or die. Because reverse mortgages are considered loan advances and not income, the amount you receive isn't taxable. Generally, any interest (including original issue discount) accrued on a reverse mortgage is considered interest on home equity debt and isn’t deductible.
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