Interest on your reverse mortgage is not deductible, unless and until you repay the loan in full. The exception is any origination fees paid in cash at the outset. Even if you pay off your loan, your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt.
However, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance.
For more information, please refer to IRS publication 936, page 8.
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