According to the IRS:
"No, reverse mortgage payments aren't taxable. Reverse mortgage payments are considered loan proceeds and not income. The lender pays you, the borrower, loan proceeds (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.
https://www.irs.gov/faqs/other/for-senior-taxpayers/for-senior-taxpayers
According to the IRS:
"No, reverse mortgage payments aren't taxable. Reverse mortgage payments are considered loan proceeds and not income. The lender pays you, the borrower, loan proceeds (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.
https://www.irs.gov/faqs/other/for-senior-taxpayers/for-senior-taxpayers
The only reply addressed the interest on a reverse mortgage. My question concerns the insurance premium portion. Is it deductible?
It depends -- You can deduct amounts you paid for qualified mortgage insurance premiums on a reverse mortgage. However, the insurance contract
If you took out a reverse mortgage on a house you already owned you will not be able to deduct the mortgage insurance premiums.