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Reverse Mortgage Tax
Reverse Mortgages & Taxes
Reverse Mortgage Income is NOT taxable. Since it comes from the equity of a primary residence, the IRS does not consider it taxable. The interest you pay on the borrowed funds, unlike a "forward" mortgage, may NOT be deducted from your taxes. In ragrds to taxes, and many other regards, the reverse mortgage works opposite from a traditional mortgage. The tax free income from the reverse mortgage is a boon to many Senior Citizens, struggling to retire on too small an amount.
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