https://ttlc.intuit.com/community/taxes/discussion/re-reverse-mortgage-form-1098/01/2675729#M960440 <P>No. <SPAN style="background-color:#F4F5F8;">A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. With a reverse mortgage, you retain title to your home. Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Because reverse mortgages are considered loan advances and not income, the amount you receive isn't taxable.&nbsp;<STRONG>Any interest (including original issue&nbsp;discount) accrued on a reverse mortgage is considered interest on home equity debt and isn’t deductible.</STRONG></SPAN></P> Mon, 11 Apr 2022 15:45:14 GMT ColeenD3 2022-04-11T15:45:14Z https://ttlc.intuit.com/community/taxes/discussion/reverse-mortgage-form-1098/01/2675663#M960410 <P>I originated a Reverse Mortgage on my condo unit in 2006 and received a&nbsp; Form 1098 for tax year 2021 from Champion Mortgage, the holder of my reverse mortgage.&nbsp; Can I claim any of the information on this form like monthly interest, monthly Mortgage Insurance Premium or monthly Service Fee as a deduction on my 2021 tax return?</P><P>DonB</P> Mon, 09 Mar 2026 11:09:20 GMT https://ttlc.intuit.com/community/taxes/discussion/reverse-mortgage-form-1098/01/2675663#M960410 DonB10 2026-03-09T11:09:20Z https://ttlc.intuit.com/community/taxes/discussion/re-reverse-mortgage-form-1098/01/2675729#M960440 <P>No. <SPAN style="background-color:#F4F5F8;">A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. With a reverse mortgage, you retain title to your home. Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Because reverse mortgages are considered loan advances and not income, the amount you receive isn't taxable.&nbsp;<STRONG>Any interest (including original issue&nbsp;discount) accrued on a reverse mortgage is considered interest on home equity debt and isn’t deductible.</STRONG></SPAN></P> Mon, 11 Apr 2022 15:45:14 GMT https://ttlc.intuit.com/community/taxes/discussion/re-reverse-mortgage-form-1098/01/2675729#M960440 ColeenD3 2022-04-11T15:45:14Z