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 »

Can you pay off a mortgage with a reverse mortgage?

A reverse mortgage is a type of loan, specifically for borrowers ages 62 and older, that allows a borrower to use the equity in her home to refinance a current mortgage or pull cash out for expense... Read More »

Can you prepay on a reverse mortgage?

No, it is not necessary to prepay on a reverse mortgage. In a reverse mortgage, homeowners over 62 years of age can turn part of their home equity into tax-free income without moving out or giving ... Read More »