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Can our reverse mortgage, who is now with HUD be considered as a true mortgage? Dont know how to proceed with this?

Forum|Forum|7 years ago
June 3, 2019
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Never received a 1098 before even though we bought in 2009. Not sure how to proceed with this?

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Best answer by Vanessa11_2

According to IRS Pub 936 Mortgage Interest page 5, "Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible."

So, if you received a 1098 for your reverse mortgage, this is not reportable or deductible.

V

Vanessa11_2Answer

Employee

According to IRS Pub 936 Mortgage Interest page 5, "Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible."

So, if you received a 1098 for your reverse mortgage, this is not reportable or deductible.

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