Skip to main content
Reverse Mortgage Blog

Tag: mortgage interest

Will I receive a 1098 or not?

February 9, 2021

Please check out this short video answering the question, "Will I receive a 1098 from my reverse mortgage lender?" 

Reverse Mortgage borrowers will NOT receive a 1098 for the previous year unless:

  • They made a partial repayment where more than $600 interest was paid the previous year.
  • They paid their loan in full the previous year
  • They paid interest exceeding $600 the previous year
    • NOTE: If applicable, a 1098 will be issued in the name of the borrower and include their social security number. A 1098 cannot be issued in the name of an estate or trust with that tax ID.

Most borrowers do not receive a 1098 because they have not paid any of their mortgage interest.  While mortgage interest is accruing on the balance, a 1098 is not issued until the mortgage interest is paid by the borrower.

Gabe Bodner profile picture
Gabe Bodner
This blog is intended to educate our clients and referral partners in addition to clearing up any misconceptions surrounding reverse mortgages. I aim to provide education on what reverse mortgages are and how they work so more people are aware that they are an incredible retirement planning tool. Reverse Mortgages are a great way to safely access some of the equity in your home to improve cash flow and to protect and preserve your other retirement assets.
BLOG HOME
About my blog
This blog is intended to educate our clients and referral partners in addition to clearing up any misconceptions surrounding reverse mortgages. I aim to provide education on what reverse mortgages are...
Read More »
Categories
Archives
Search