If I’m thinking about taking out a reverse mortgage, what other options should I consider?

It depends on your situation. Depending on your financial situation and your needs, other loans may make more sense than a reverse mortgage. These include second mortgage loans or Home Equity Line of Credit (HELOC) loans, which may have lower fees – but you will need to be able to make loan payments to a bank or other lender on a regular basis. Some states, local government agencies, and nonprofit organizations also provide single-purpose reverse mortgage loans to help pay for home repairs, improvements, or property taxes.

If you could use some help paying property taxes, options may be available.

Example: Let’s say your father is having trouble paying his property taxes. Some counties, cities and states provide property tax relief to older consumers, especially those with low incomes. To find programs for your father in his area, visit . You may also call his local county tax assessor and ask about senior “circuit breaker” programs.

Finally, a housing counselor can help you identify and weigh your options.

HUD is the federal Department of Housing and Urban Development. It is charged with training and certifying counselors who will give reliable advice.

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