ErnieS0
Expert Alumni

Deductions & credits

Possibly. Interest (including original issue discount) accrued on a reverse mortgage isn't deductible until you actually pay it (usually when you pay off the loan in full).

 

Refer to Are the proceeds I receive from a reverse mortgage taxable to me?

 

Mortgage Insurance Premiums are deductible if paid, including from a Home Equity Conversion Mortgage (HECM).

 

You may or may not receive a Form 1098.

 

See Can I deduct mortgage insurance premiums on a reverse mortgage?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"