Parents in their 60s want a reverse mortgage after a heart attack — but there may be smarter moves

Imagine this scenario: Your parents are both in their 60s, carrying debt and trying to stay on top of bills while everyday costs keep rising. Then your dad suffers a heart attack.

Suddenly, medical bills, lost income and the financial squeeze have the family searching for solutions. One option seems to come up on top: a reverse mortgage.

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For many older homeowners, tapping into the equity they've built up over decades can seem like a lifeline.

New data (1) from nonprofit financial counseling organization GreenPath Financial Wellness found that 21.1% of seniors seeking reverse mortgages in 2025 were already running monthly budget deficits, up from 12.2% a year earlier.

If your parents are considering a reverse mortgage to cover costs after a health crisis, while it could be a good move, it may not be the only option available.