Can our reverse mortgage, who is now with HUD be considered as a true mortgage? Dont know how to proceed with this?

Peppe · ‎June 3, 2019

Never received a 1098 before even though we bought in 2009. Not sure how to proceed with this?

Vanessa · ‎June 3, 2019

According to IRS Pub 936 Mortgage Interest page 5, "Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible."

So, if you received a 1098 for your reverse mortgage, this is not reportable or deductible.

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View solution in original post

Vanessa · ‎June 3, 2019

According to IRS Pub 936 Mortgage Interest page 5, "Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible."

So, if you received a 1098 for your reverse mortgage, this is not reportable or deductible.

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

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Can our reverse mortgage, who is now with HUD be considered as a true mortgage? Dont know how to proceed with this?