No – unless you paid off the loan in full. According to IRS Pub. 936 – Home Mortgage Interest Deduction: . Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.
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Reverse mortgages fraud reverse mortgages are becoming popular in America. Reverse Mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give a lot of older Americans greater financial security to supplement social security, meet unexpected
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Reverse mortgage: What are the tax liabilities. Here’s an analysis of the options Under the reverse mortgage scheme (rms), a senior citizen can opt to receive an additional source of income on the security of an owned residential house, without having to service it during his lifetime. Under RMS, a senior citizen has two options.
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