My father has a Reverse Mortgage on his home. Can he deduct the Interest and MIP payments on this HCEM loan?

Should we get a 1098?

posted

Possibly. Interest (including original issue discount) accrued on a reverse mortgage isn't deductible until you actually pay it (usually when you pay off the loan in full).

Refer to Are the proceeds I receive from a reverse mortgage taxable to me?

Mortgage Insurance Premiums are deductible if paid, including from a Home Equity Conversion Mortgage (HECM).

You may or may not receive a Form 1098.

See Can I deduct mortgage insurance premiums on a reverse mortgage?

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My father has a Reverse Mortgage on his home. Can he deduct the Interest and MIP payments on this HCEM loan?

My father has a Reverse Mortgage on his home. Can he deduct the Interest and MIP payments on this HCEM loan?

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My father has a Reverse Mortgage on his home. Can he deduct the Interest and MIP payments on this HCEM loan?

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My father has a Reverse Mortgage on his home. Can he deduct the Interest and MIP payments on this HCEM loan?

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