BobKamman
Level 15

@RESIPSA123  "The reverse mortgage is typically only deductible when the funds were applied to the betterment of the property and definitely not deductible if used as funds to live on."

Was there an existing mortgage on the home, that was refinanced with the reverse mortgage?  Would the interest on that part be grandfathered?  Were the "improvements" needed for the property to even qualify for the reverse mortgage?  

I'm amazed that this client's decisions in 2019 are being questioned three years later.  Sometimes a HELOC is a better idea, and sometimes it is not.  Rather than meandering off on that tangent, check out Matthew 7:1-2