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ohlinda11
March 30, 2020
Question

Do I need to claim property taxes and homeowners insurance payments when I have included in my reverse mortgage?

  • March 30, 2020
  • 1 reply
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1 reply

H
HelenC12
March 30, 2020

No, you don't have to but you may want to include the property taxes you paid because you may get a tax benefit. However, Homeowners insurance is not deductible on your personal income tax return. 

 

Note: Any interest on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.  For more information, please refer to IRS publication 936, page 5.

 

Source: KarenL2

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