It depends. The loan proceeds you receive when taking out a reverse mortgage aren't taxable. You generally don't pay interest on the loan until a specified time, such as when you move out of the house. Unless there was a taxable event or payment of interest in the tax year for which you are filing, you may not need to report anything on the return.
Interest ultimately paid on a reverse mortgage could be deductible subject to limits on home equity.
See here for more information from the IRS on reverse mortgages and here for more information on mortgage interest.
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