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c2j
March 8, 2024
Question

I refinance to a reverse mortgage, can I deduct the interest charged and added to mortgage balance and the MIP paid to HUD?

  • March 8, 2024
  • 1 reply
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    1 reply

    M
    MayaD
    March 8, 2024

    Generally, any interest (including original issue discount) accrued on a reverse mortgage is considered interest on home equity debt and isn’t deductible.

    Also, the itemized deduction for mortgage insurance premiums has expired. You can no longer claim the deduction.

     

    For more information, check: Publication 936 (2023), Home Mortgage Interest Deduction

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