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Reverse Mortgage Question Answered

Posted on 11/16/2009 by | Archived Contributor | Comments

Money & SavingsThere is plenty of useful information for you in the Wall Street Journal’s online “Ask Encore” page from this weekend. First, AARP provides the answer to a reader’s question on reverse mortgages: why aren’t the interest charges and fees on reverse mortgages tax deductible? According to the answer from AARP, it’s because with a reverse mortgage, the “actual payment” doesn’t happen until the borrower sells their home or dies – so the borrower cannot claim a tax deduction until that …