Q: Five years ago we did a reverse mortgage on a home we owned. We were in decent shape financially but needed $180,000 to keep daughter out of foreclosure. We paid off her loan and took ownership of.
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Shannon Hicks – Shannon is the President of Reverse Focus, Inc. He draws from his experience as a reverse mortgage originator and prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he began podcasting and in 2010 with weekly video updates.
And, if not, when can that interest be deducted? It is, after all, a legitimate itemized deduction on any and every other primary residence mortgage. R.B., Ormond Beach A: During life of the reverse.
Reverse mortgages. A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. With a reverse mortgage, you retain title to your home.
A lot of information about reverse mortgages is usually geared towards senior homeowners who have not yet gotten a reverse mortgage and have questions about obtaining one. However, for those senior homeowners who have already obtained a reverse mortgage, there is an option you may not have heard about that you should explore, as it may prove quite advantageous to you.
Let’s say you use a HECM for purchase to buy a new house. The interest that accrues on the mortgage counts as "acquisition debt," meaning you can still deduct it from your taxes each year; this even applies if you used a forward mortgage to buy your house, then refinanced it into a reverse mortgage later.
Reverse Mortgage Tax Deductions – The Basics. 1. Typically, you can only deduct the interest that you’ve paid. So, if you have not made any payments toward your accrued mortgage interest, then you may not have anything to deduct.
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However, the important caveat to the reverse mortgage interest deduction is that under IRC Section 163(h), the interest is only deductible when it is actually paid. Which is a big deal for a reverse mortgage, because the borrower is typically not making interest (or any payments) on an ongoing basis!