Coronavirus and reverse mortgages


By Alain Valles, CRMP, CSA, MS, MBA, Nonprofit Managing Director


Alain Valles

Losing sleep?

The ramifications of the coronavirus to the world economy and, in particular, the US housing market are, at best, uncertain.  What will happen to housing values? Healthcare costs? The stock market? Retirement accounts? Food supplies? The answer is no one knows for sure.

The external threat from the coronavirus virus and other events that we have little control over combined with the ever increasing cost of living, higher real estate taxes, personal health challenges, and trying to make ends meet on a fixed income are causing sleepless nights.  It’s no wonder we are stressed, anxious, and afraid!

I am an eternal optimist because I do my best to plan for worst case scenarios and a reverse mortgage may be one tool to mitigate current and future financial uncertainty. 


A reverse mortgage may be a solution

I don’t know yet of a reverse mortgage solving a world crisis, but I have hundreds of firsthand experiences of reverse mortgages being the solution to immediate and future cash flow needs in times of unpredictability.  And, most importantly, a better peace of mind during these times of change.

For eligible 62-year-old or older homeowners, reverse mortgages give the opportunity to access a lump sum of tax-free cash, receive monthly cash flow, or have a readily available line of credit if money is ever needed in later chapters of life.  All with the option of no monthly mortgage payments as long as real estate taxes and homeowner’s insurance are paid timely and the property is maintained along with meeting other guidelines.


A trusted source of information

Reverse mortgages are complex. Television commercials, internet ads posing as articles, and junk mail pieces stressing the ease of getting a reverse mortgage and how the senior will be financially “all set” fail to give the whole picture.  There are many required steps and regulatory safeguards including mandatory counseling and a financial assessment review before one is approved.

And that is why we are here.  Helping Hands Community Partners is an approved 501(c)(3) self-funded nonprofit company with the mission to educate people about senior housing options and, when appropriate, we may arrange reverse mortgages for qualified individuals.  


Peace of mind in uncertain times

When used properly, reverse mortgages have been the solution to:

  • Additional monthly cash flow
  • Pay off existing mortgages, credit cards, or other debts
  • Ability to pay real estate taxes
  • Cover medical expenses and at-home assistance
  • Complete home improvements and renovations
  • Provide a monthly check to you 
  • A line of credit that grows over time
  • Option to close in a trust or life estate
  • And, most importantly, peace of mind that cash may be accessed with no required monthly mortgage payment when, not if, life events occur.  

But before taking action, please get the facts and understand the myths about reverse mortgages.


Get accurate information

A great place to start is the free “How to Use Your Home to Stay at Home” 36-page book. This is the official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development and published by the National Council on Aging.  We’re happy to mail or email it to you along with the “Top 7 Myths About Reverse Mortgages.”

Or, please feel comfortable to give me a call at 781-724-6221 and I’ll be happy to have an educational conversation with you about your unique situation and mail you the free 36-page book.  Thank you.  

Alain Valles is the Managing Director of Helping Hands Community Partners, Inc. and was the first designated Certified Reverse Mortgage Professional in New England.  He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. Alain can be reached directly at 781-724-6221 or by email at