She Paid Off Her House Years Ago. On Social Security, the Taxes and Upkeep Are Pricing Her Out Anyway.

A retiree in her 70s owns her home outright but finds property taxes, insurance, and maintenance costs are eating into her Social Security benefits. A 2.8% Social Security COLA adds only $56 to her $2,000 monthly benefit, but property tax hikes and insurance increases can quickly offset the raise. Property tax exemptions, insurance shopping, and weatherization grants may help, but deadlines and eligibility vary.

A reverse mortgage could provide cash, but it does not eliminate the costs. The hardest mistake is waiting until financial pressure forces a sale.