Is a reverse mortgage deductible?

Answer A reverse mortgage does not have the same deductions under the U.S. Tax Code as a traditional mortgage. The Internal Revenue Service (IRS) does allow an interest deduction for reverse mortgage inte... Read More »

Top Q&A For: Is a reverse mortgage deductible

Is reverse mortgage interest deductible?

Reverse mortgage interest is deductible. However, the interest does not become deductible until the balance of the loan is paid in full. At that time, deductions may be subject to home equity debt ... Read More »

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

When should you use a reverse mortgage?

A reverse mortgage is a financial product offered by lenders like banks that gives a homeowner of age 62 or older money in exchange for an equity stake in the home. Trading away a home's equity wit... Read More »

What is reverse mortgage?

A reverse mortgage is a type of mortgage that allows home owners age 62 and older to use the built-up equity in their home to pay off their current mortgage debt or create additional needed income ... Read More »