Housing Tip of the Week - 05/18/2026

For our Housing Tip of the Week, I want to remind you to avoid taking out a reverse mortgage after paying off your home. Times are tough and older adults often have to make difficult decisions in regards to financing their various needs. I have assisted several residents with reversing the impact of reverse mortgages. One consequence of taking out a reverse mortgage is that if you forget to pay your taxes or insurance, the reverse mortgage company can foreclose on your home. If you leave your home for any reason or pass away, your heirs then are left to pay the loan balance. In a situation where the heirs cannot pay off the loan balance they will have to sell the family home, or the company will foreclose. This removes intergenerational wealth, leaves families and neighborhoods devastated, and can lead to more vacant properties. For more information about reverse mortgages please click here.