CassieNet News :: In the process of getting a mortgage

In the process of getting a mortgage :: RE: everse mortgage-taxes

Author: jessica
Subject: RE:
Posted: Thu Jul 28, 2005 8:50 am (GMT 0)
Topic Replies: 1

Hi Frederick
Welcome to the forums.

The Internal Revenue Service does not regard the loan advances in a reverse mortgage as a taxable income. So taxes are not charged on it. The interest charged is not deductible until it is paid off, that is, at the end of the loan period. But even then I would advise you to consult a tax advisor who can guide you further.

Wish to receive your feedback soon.
Regards,
Jessica.

For the full story see:
http://www.mortgagefit.com/discuss/about703.html
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