You will receive a monthly statement on the activity of your reverse mortgage. These statements are mailed out by the 5th business day of each month. Because of mailing time, it can take up to 5-7 days after that to receive your statement in the mail. You also will receive an annual report in January of each year detailing all of the activity on your reverse mortgage over the previous year. Suppose you pay your reverse mortgage in full or have paid towards interest or MIP during the past year. In that case, you will receive a 1098 mortgage interest statement by January 31st, which you may use for tax return purposes. Because most reverse mortgage borrowers do not make any payments on their loan, 1098 mortgage interest statements are typically only sent once the loan is paid in full.