Are Loan Origination Fees for Reverse Mortgages Tax Deductible?
Reverse mortgages are home loans for people age 62 and older. These loans allow borrowers to tap the equity in their homes without selling the property or making payments each month. Reverse mortgages can provide a way for seniors to subsidize their incomes, which can be particularly important for those who are living on fixed incomes from sources such as Social Security. Similar to traditional mortgages, some of the expenses associated with reverse mortgages are tax deductible.
