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You don’t report a reverse mortgage until it’s paid off.
@lacshen you do not report a reverse mortgage until you actually pay the interest. Further, it's not deductible unless the money originally borrowed was used to buy, build, or substantially improve your primary or secondary home.
Generally, people tax out reverse mortgages and live off the money payments received each month. These payments would not be deductible upon repayment of the reverse mortgage.
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