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Reverse Mortgages 101

What Is The Tax Situation With Respect To A Reverse Mortgage?

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The money you receive

There is no tax on the money you receive in a Reverse Mortgage because it is a loan. Loan proceeds are not taxed.

Interest

Interest that you pay on the loan is deductible – but not until it is actually paid. With a Reverse Mortgage, you don’t pay the interest until the end of the loan – but interest isn’t deductible until then.


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