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Reverse Mortgage Blog

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.

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Fairway Independent Mortgage Corporation
This blog is intended to educate and clear up any misconceptions surrounding reverse mortgages. I aim to provide education on what reverse mortgages are and how they actually work so more people are aware that they are an incredible retirement planning tool.
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This blog is intended to educate and clear up any misconceptions surrounding reverse mortgages. I aim to provide education on what reverse mortgages are and how they actually work so more people are a...
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