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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: nextrade! who wrote (174733)1/2/2009 10:23:51 AM
From: Bob Miller of 306849
 
Nextrade,

It's good to see someone who knows the scoop on reverse
mortgages.

Perhaps you can answer a question that has bothered me for
some time.

For tax purposes, interest is deductible by the person against
whom the interest is charged, and who pays it. In other
words, should you make a payment on my mortgage, you would
not get the deduction. Nor would I.

As the interest on a reverse accumulates, and is paid
when the residence is sold, who gets the deduction? It
would be a considerable sum on money.

Many thanks for your message.

Bob Miller
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