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Are fees or mortgage interest on a reverse mortgage deductible?
You can't deduct service fees for your reverse mortgage. You can deduct mortgage interest when you actually pay it. However, in a reverse mortgage, you usually don't pay interest until the end of the term. You can't deduct interest on a reverse mortgage added monthly to the outstanding loan balance as it accrues.
You can't deduct private mortgage insurance as interest on a reverse mortgage, since it's not acquisition debt.