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Subject:  Re: Reverse mortgages Date:  3/28/2012  7:37 AM
Author:  aj485 Number:  115679 of 127513

One further thing that I forgot about when answering yesterday, if you should happen to be requested to do the estate's taxes....

Starting Jan 1, 2009, reverse mortgages were allowed to be used to purchase a home, and not just to pull equity out of an already owned home. If the reverse mortgage is a purchase mortgage (uncommon, but possible), the commentary about reverse mortgages being subject to the Home Equity Debt limits would be moot, and all interest applied to the loan would be deductible in the year that the loan is paid off.

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