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Fmansourza
Level 2

Money paid into a reverse mortgage

Hi, 

we paid over 70 K into our home to be able to get a reverse mortgage. We had to pay almost $7000 in mortgage insurance. I think all of our closing costs came to $11,000 is any of that tax deductible? Thx

5 Replies
KrisD15
Expert Alumni

Money paid into a reverse mortgage

The Private Mortgage Insurance might be, but only up to the amount that applies to what was still owed. It does not include any cash taken out for anything other than improving the house. 

 

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Fmansourza
Level 2

Money paid into a reverse mortgage

Hi, 

no cash was taken. We had to put $ in to own 50% to qualify. It was about 75 K. 
This is the first year I will do our taxes using turbo tax. Just wanted to make sure what was deductible 

thanks 

KrisD15
Expert Alumni

Money paid into a reverse mortgage

Yes, I see. You can claim the PMI as interest. 

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Fmansourza
Level 2

Money paid into a reverse mortgage

Thank you! 
also we must now pay out property taxes twice a year and our house insurance . 
can these be deducted? 
thanks! 

DMarkM1
Expert Alumni

Money paid into a reverse mortgage

The property taxes are deductible if you are itemizing.  The home insurance is not.  Here is a helpful article on homeowner deductions. 

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