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
- the reverse mortgage debt itself must be classified as acquisition indebtedness and not home equity indebtedness.
If you took out a reverse mortgage on a house you already owned you will not be able to deduct the mortgage insurance premiums.
@K Larson
