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andilynn1
New Member

Is pmi deductible for a reverse mortgage

 
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NicoleU
New Member

Is pmi deductible for a reverse mortgage

Yes, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance. The insurance must be in connection with home acquisition debt- the deduction is not available for the portion relating to other types of indebtedness, such as home equity indebtedness. Also, the insurance contract must have issued after 2006.



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2 Replies
NicoleU
New Member

Is pmi deductible for a reverse mortgage

Yes, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance. The insurance must be in connection with home acquisition debt- the deduction is not available for the portion relating to other types of indebtedness, such as home equity indebtedness. Also, the insurance contract must have issued after 2006.



Fmansourza
Level 2

Is pmi deductible for a reverse mortgage

Thanks. 
no money was taken at all . 
wr had to put our $ in to be 50% invested. 
we had to pay the mortgage insurance up front to secure it. 
thanks 

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