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Brad Said:

Is Interest accrued on a reverse mortgage tax deductable?

We Answered:

Not until the reverse mortgage is paid off. I've included a link that helps explain a reverse mortgage.

Mary Said:

is the interest added to a hecm reverse mortgage deductible on federal income tax return??

We Answered:

You only get a tax deduction for home interest you are liable for "that you actually pay".

Brandy Said:

What is the interest on a reversed mortgage?

We Answered:

Usually its high....7-8+%. Before setting up a reverse mortgage, talk to your bank about a HELOC. Depending on your age and mortality, you may find that the loan interest ends up eating up most of the equity in your house in the end. Personally, I think reverse mortgages should only be considered only as a last resort.