You did not ask about this portion, perhaps you know already, but let me adise first that any interest you pay when you pay down some of that Reverse Mortgage can be used as a deduction
on your Schedule A as mortgage interest.
PMI – extended through 2010. Late in 2007, Congress extended the tax
deduction for homeowners paying private mortgage insurance through 2010. This one has some restrictions – you must have bought or refinanced the home after January 1, 2007 and have an adjusted gross income under $110,000.
If you paid the PMI at the closing then you will need to amortize the amount over the life of the loan.
requires PMI to be cancelled under certain circumstances; for example, when you have paid off a certain percentage of your mortgage or your home's property value has increased to a certain percentage above the value of the mortgage. Check with your Reverse Mortgage Issuer for complete information.
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