Can I deduct mortgage insurance premiums on a reverse mortgage?

It depends. You can deduct amounts you paid for qualified mortgage insurance premiums on a reverse mortgage.  However, the insurance contract must have been issued on January 1st of 2007 or later, and that the reverse mortgage debt itself must be classified as acquisition indebtedness and not home equity indebtedness. 

Reverse mortgages.

A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. With a reverse mortgage, you retain title to your home. 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. Any interest (including original issue discount) accrued on a reverse mortgage is considered interest on home equity debt and isn’t deductible.

Reverse Mortgage (click for reference)

With a reverse mortgage, the mortgage insurance premium (MIP) isn’t deductible just because it gets added to the loan balance. It generally only becomes deductible if and when it’s actually paid — which usually happens when the loan is repaid (like after selling the home or refinancing).

More info: reverse.mortgage/interest-tax-deduction

So if the MIP just keeps accruing and you never make an out-of-pocket payment toward it, there’s nothing to deduct in the meantime. I came across this explanation while reading up on reverse mortgage tax treatment on reverse.mortgage, and it lines up with how the IRS treats unpaid loan costs.

As always, worth double-checking with a tax pro since individual situations can vary.