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11ytinivid
February 25, 2022
Question

Does interest charged by reverse mortgage count as deductible ?

  • February 25, 2022
  • 1 reply
  • 0 views
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1 reply

M
MayaD
February 25, 2022

Per IRS

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. Also, a deduction of interest may be limited because a reverse mortgage generally is subject to the limit on home equity debt, which is not deductible unless the proceeds are used to buy, build, or substantially improve the home that secures the loan. Pub 936, Home Mortgage Interest Deduction

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