Clearing Up Reverse Mortgage Myths with Harlan Accola

Reverse mortgages often trigger strong reactions—especially among believers who want to honor God with their finances. But are those reactions grounded in biblical wisdom…or outdated information? When it comes to debt and home equity, emotions can run high. Yet Scripture calls us to something deeper than instinct—it calls us to understanding. As Proverbs 19:20 reminds us, “Listen to advice and accept instruction, that you may gain wisdom in the future.” To help bring clarity to this often misunderstood topic, Harlan Accola—who leads the reverse mortgage team at Movement Mortgage—joins the show today to separate fact from fiction. Why Reverse Mortgages Carry So Much Stigma For many people, the phrase reverse mortgage immediately raises red flags. And to be fair, some of that concern is rooted in history. As Harlan Accola explains, earlier versions of these loans—and in some cases, unethical practices—damaged trust. Like many industries, there were bad actors who misused the product and took advantage of seniors. But today’s reverse mortgage is very different. Modern reverse mortgages are federally regulated through the Federal Housing Administration (FHA) and include strong consumer protections designed specifically for older homeowners. Still, misinformation persists—often passed along by well-meaning friends, family members, or even within church communities. That’s why biblical wisdom matters here. We’re called not just to react, but to understand. Not All Debt Is the Same One of the biggest misconceptions about reverse mortgages is that they’re simply another form of dangerous debt. But as Harlan points out, not all debt functions the same way. Traditional consumer debt—like credit cards or auto loans—requires monthly payments. Miss those payments, and the consequences can quickly escalate, creating stress and financial strain. 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 If you’d like to better understand reverse mortgages or explore whether one might fit your situation, you can learn more at FaithFi.com/Movement. 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 Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.