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Financial Planning / Tax Strategies


Subject:  Re: Reverse mortgages Date:  3/27/2012  8:08 PM
Author:  aj485 Number:  115673 of 123001

Should I be looking for anything with regard to the reverse mortgage when preparing the mother's final tax return?

IRS Pub 936 has this to say about reverse mortgages:

Reverse mortgages. A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. With a reverse mortgage, you retain title to your home. Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selecte