Clearing Up Reverse Mortgage Myths with Harlan Accola

A reverse mortgage, however, works very differently:

• There are no required monthly principal or interest payments
• The homeowner must continue paying property taxes and insurance
• The loan is non-recourse, meaning the borrower will never owe more than the value of the home

That final point is key. If the home’s value declines, the borrower (or their heirs) is not personally responsible for the difference.

As Harlan emphasizes, understanding the mechanics of a financial product is essential before comparing it to others—or dismissing it altogether.

A Practical Scenario: When Cash Flow Becomes a Struggle

Harlan highlights a situation that’s becoming increasingly common.

Many homeowners in their 60s and 70s have built substantial equity—but still carry monthly mortgage payments. In fact, a significant number of Americans over 62—and even over 75—are still making those payments.

When unexpected expenses arise—a roof repair, a broken water heater—many turn to high-interest credit cards to cover the gap. This is where a reverse mortgage may offer relief. By eliminating a monthly mortgage payment, it can:

• Improve monthly cash flow
• Reduce reliance on high-interest debt
• Lower financial stress

Harlan also notes that this added margin can even open the door to greater generosity—freeing individuals to steward their resources more intentionally.

A Stewardship Lens: Discernment Over Reaction

For Christians, financial decisions are never just about numbers—they’re about faithfulness.

That means we shouldn’t reject or embrace any financial tool without first understanding it. Wisdom requires discernment, not assumptions.

Reverse mortgages aren’t right for everyone. But as Harlan Accola reminds us, decisions should be based on accurate information—not outdated fears.

As Proverbs 19:20 encourages us, listening, learning, and seeking wise counsel is part of faithful stewardship.

Learn More

Taking time to understand your options isn’t just practical—it’s a step toward stewarding God’s resources with wisdom and care.

On Today’s Program, Rob Answers Listener Questions:

• I’m building a home on land I already own and have about $150,000 saved—roughly half the cost. Should I use a construction loan or a traditional mortgage, and how does that process work?
• I’m 53 and hope to retire in about four years. I’m in good financial shape, but don’t have a financial advisor or a will. How do I find a trusted advisor, and what should I look for in how they’re paid and whether they’re a fiduciary?
• Is it wise to use about 25% of my retirement savings to remodel my home if it could increase its value?

Resources Mentioned:

• Faithful Steward: FaithFi’s Quarterly Magazine (Become a FaithFi Partner)
• Movement Mortgage
• Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West
• Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA)
• FaithFi App