Interest on your loan is tax deductible only when you repay your loan. Because you do not make payments on the loan every month, you are not continuously paying interest on your loan, so you cannot deduct it from your taxes throughout the term of the loan. Once the loan matures and is repaid by either you or your heirs, the interest will be available to be used as a tax deduction.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.