Depending on your financial situation and needs, there may be other types of loans that make more sense for you. These include second mortgage loans, which may have lower fees – but you will need to be able to make the loan payments. Additionally, a number of states, local government agencies, and nonprofit organizations have single-purpose reverse mortgage loan programs that allow borrowers to pay for home repairs, improvements, or property taxes.

Some localities have other types of programs for seniors facing property taxes that they are unable to pay. If you need this type of service, visit www.eldercare.gov or call your local county tax assessor and ask about senior “circuit breaker” programs. A housing counselor can help you identify and evaluate the available alternatives. To find a counselor, visit the Department of Housing and Urban Development's (HUD) website or call 1-800-569-4287.