PattiF
Expert Alumni

After you file

I wanted to clarify your situation as I have been doing additional research with my colleagues about this situation. Was any of this loan used to substantially improve or initially purchase the home where your mother was living? These loans are generally used just to keep the house that someone already owns.

 

The tax laws changed in 2017 to disallow many deductions of home equity loans. Reverse mortgages are considered Home Equity Loans. They are only deductible if used to substantially improve or purchase a home. If this is not your situation, I apologize for my earlier post that said that this was deductible when it might not be deductible.

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