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everse mortgage-taxes

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Frederick Guest	Posted: Thu Jul 28, 2005 1:31 am    Post subject: everse mortgage-taxes do I have any tax liability if i take reverse mortgage?
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 813 Location: OHIO 194.41 Dollars($)	Posted: Thu Jul 28, 2005 1:50 am    Post subject: RE: Hi Frederick Welcome to the forums. The Internal Revenue Service does not regard the loan advances in a reverse mortgage as a taxable income. So taxes are not charged on it. The interest charged is not deductible until it is paid off, that is, at the end of the loan period. But even then I would advise you to consult a tax advisor who can guide you further. Wish to receive your feedback soon. Regards, Jessica.

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