No. You cannot take a loss of value on your personal residence. However, when you sell, you will be able to deduct that large interest amount in the year of sale or when the loan is paid in full.
However, for
reverse mortgages, you can deduct amounts you paid for qualified mortgage
insurance. You can deduct any real estate taxes you paid as you would
normally.
For more information, please refer to IRS publication 936,
page 5.