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.
