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HECM Reverse Mortgage Effects on Interest Deduction

As a HECM counselor, I speak with seniors all the time who are concerned about not being able to deduct their loans interest from their taxes every year. Even though they are reducing their expenses by doing the HECM Reverse Mortgage, many seniors still count on that deduction every year. Why can’t the seniors deduct the Reverse Mortgage’s interest from their taxes every year? And are there any ways around this without having to avoid the Reverse Mortgage entirely?

(If no outside response is given, answers will be posted within 3 business days.)

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