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posted Jun 3, 2019 1:51:03 PM

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

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

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Level 3
Jun 3, 2019 1:51:04 PM

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. 

1 Replies
Level 3
Jun 3, 2019 1:51:04 PM

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.