Louisiana
More seniors turning to reverse mortgages amid Louisiana’s insurance crisis
NEW ORLEANS (WVUE) – With property insurance costs in Louisiana spiraling out of control, seniors are increasingly turning to reverse mortgages for financial relief.
Alison Calamaia at America’s Mortgage Resource says she’s been getting more calls from homeowners asking about reverse mortgages.
“A lot of my calls start with clients asking about whether or not they should get a reverse mortgage,” said Calamia. “My next question is why are you calling? What has occurred that made you make this phone call? Currently, they say my insurance just went through the roof.”
A majority of Calamia’s clients are in their golden years and on fixed incomes. She says the soaring cost of homeowners insurance creates a financial burden many of them can’t afford because they never anticipated the price of insurance premiums to climb so high.
“I currently have a woman right now, her insurance went from $3,000 to $14,000. She can’t afford to pay that any longer,” she said. “She does have a mortgage on her property, and she might lose her house if she can’t make that mortgage payment.”
Even those without mortgages, like Cheron Brylski of Uptown New Orleans, are feeling the pressure. Brylski put her home up for sale earlier this summer, citing property insurance and taxes as key reasons for her decision.
“It’s basically making living in a house that I own, and I own outright, impossible for me to stay here,” Brylski told us in June.
Calamia said the fear of losing one’s “forever” home is becoming more common among her clients.
“Most of the time it’s the house where they raised their children. And we live in the South. We don’t want to leave that house. We want to stay put,” she explained.
INSURANCE CRISIS
To stay put, Calamia says a growing number of people are considering reverse mortgages to create another line of money. Details of mortgages and reverse mortgages can be confusing and often filled with financial language unfamiliar to many people. That can often lead to several myths about reverse mortgages said Calamia, who tried to boil down the information for this reporter to understand.
“In a nutshell, it is a mortgage against the home that allows for a percentage of the property value to be used as a stream of monthly income, a line of credit, or a lump sum to pay existing mortgages, but it does not come with a monthly payback as long as the borrower lives in the home. They do have to pay taxes and insurance, but there’s not that principal and interest part of it. In essence, the house is going to pay for the principal that they would receive and the interest on it over time instead of physically making a traditional mortgage payment, the house is paying for it,” said Calamia.
The borrower can use the line of cash or credit generated through a reverse mortgage to pay for things like property insurance. Calamia says reverse mortgages often get a bad reputation. Much of her work involves walking clients through a process to determine if a reverse mortgage would be appropriate for their financial situation.
“One of the biggest reasons myths about reverse mortgages is I can’t get a reverse mortgage if I still owe money on my home. That’s not true. However, in a reverse mortgage the available funds, which is a percentage of the property value, there needs to be enough in the reverse mortgage to pay off that mortgage plus cover the closing costs. We don’t have any out-of-pocket cost so the cost of getting the loan is worked into the loan. People also think they won’t keep the title to their home. They do keep that title as long as they just live in it. And one day, when the mortgage is due and payable, which is usually after the borrower has sold the property or has permanently moved out of the home. When the loan becomes due and payable, any amount that was given to the borrower is paid back along with interest on it over time. There’s no end date. The date is when they no longer live there usually after death,” Calamia said.
Reverse mortgages may not be suitable for everyone. But during a time when many people are trying to find ways to cover the cost of sky-high property insurance, Calamia believes it can help seniors stay in their forever homes.
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BATON ROUGE, La. (WAFB) – Louisiana homeowners can get financial help to upgrade their roofs and ensure they can better stand up to strong storms.
According to the Louisiana Department of Insurance, registration for next Louisiana Fortify Homes Program lottery opens at 8 a.m. on Monday, June 1. The registration period will stay open through 5 p.m. on Friday, June 19.
Under the latest round of the program, 3,000 grants of up to $10,000 will go out. After applying, homeowners will get placed into a lottery and will be randomly selected.
There are many specific benefits of having a roof upgraded through the Louisiana Fortify Homes Program. Officials said the roofs have stronger shingles that can protect against hail up to two inches wide, sealed roof decks to help prevent water damage, and stronger edges to keep wind from getting underneath.
Homeowners with a fortified roof can also get a certificate to receive a discount on insurance premiums.
“At the end of the day, this program is about more than just roofs,” said Louisiana Insurance Commissioner Tim Temple. “It is about protecting families, it is about strengthening communities, and it is about putting Louisiana in a stronger position—both physically and economically—to face the challenges ahead.”
Only people living in Ascension Parish, Livingston Parish, Assumption Parish, Tangipahoa Parish, Acadia Parish, Calcasieu Parish, Cameron Parish, Iberia Parish, Jefferson Parish, Jefferson Davis Parish, Lafayette Parish, Lafourche Parish, Orleans Parish, Plaquemines Parish, St. Bernard Parish, St. Charles Parish, St. James Parish, St. John the Baptist Parish, St. Martin Parish, St. Mary Parish, St. Tammany Parish, Terrebonne Parish, and Vermilion Parish are eligible to apply for the latest round of the program.
People living in a newly built home, mobile home, or condominium are not qualified.
For a detailed list of eligibility requirements, click here.
If a person registered for the program previously, he or she must do so again. The person will also need to provide the following information:
- A homestead exemption on the primary residence.
- A policy of insurance that provides wind coverage for the primary residence.
- A flood insurance policy on the primary residence if it is in a special flood hazard area.
For more information about applying, click here.
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Watch the latest WAFB news and weather now.
WATCH: Louisiana baseball HC, players talk series win vs No. 20 Coastal Carolina
Hear from UL baseball’s HC Matt Deggs, pitcher Ty Roman and infielder Owen Galt following its 2-1 series win vs Coastal Carolina.
For the second day in a row, Louisiana baseball has its back against the wall in the NCAA Tournament Starkville Regional.
The No. 25 Ragin’ Cajuns (40-24) secured their 40th win of the season and kept their postseason dreams alive by beating Lipscomb 10-4 in an elimination game on Saturday, May 30. Now, the pressure is back on for seventh-year coach Matt Deggs and his squad as they face No. 24 Cincinnati (38-21) in another win-or-go-home matchup on Sunday, May 31 in Starkville, Mississippi.
Against the Bisons, UL used four pitchers, and in total has used seven of its arms so far in tournament play. One of the Cajuns’ fresh arms heading into the matchup against the Bearcats is senior Andrew Herrmann. The lefty made his latest appearance during the Cajuns’ Sun Belt Conference tournament run on May 24.
While the Cajuns come into the match with some momentum, Cincinnati enters the match with a chip on its shoulder after losing its first game of the tournament on Saturday against regional host Mississippi State.
Watch Louisiana baseball vs Cincinnati on ESPN+
What channel is Louisiana baseball vs Cincinnati on?
TV: None
Livestream: ESPN+
Radio: Varsity Network, 96.5 FM
Louisiana vs. Cincinnati will be available live on ESPN+ streaming for the first game of Day 3 of the Starkville Regional. Jack Kizer and Jack DeLongchamps will provide commentary from Dudy Noble Field.
What time does Louisiana baseball play Cincinnati?
Date: Sunday, May 31
Time: 2 p.m. CT
Location: Dude Noble Field, Starkville, Mississippi
The Louisiana vs. Cincinnati game starts at 2 p.m. Sunday at Dudy Noble Field in Starkville, Mississippi.
Starkville Regionals schedule
Friday, May 29
- Game 1: Mississippi State 10, Lipscomb 1
- Game 2: Cincinnati 12, Louisiana 2
Saturday, May 30
- Game 3: Lipscomb 4, Louisiana, 10
- Game 4: Mississippi State vs Cincinnati, 8 p.m. CT
Sunday, May 31
- Game 5: Louisiana vs Cincinnati, 2 p.m. CT
- Game 6: Winner G5 vs Mississippi State, 7 p.m. CT
Monday, June 1
- Game 7: If necessary, TBD
Shannon Belt covers high school sports and the Louisiana Ragin’ Cajuns for The Daily Advertiser as part of the USA TODAY Network. Follow her high school and Cajuns coverage on Twitter: @ShannonBelt3. Got questions regarding HS/UL athletics? Send them to Shannon Belt at sbelt@gannett.com.
BATON ROUGE, La. (Louisiana First) — The Caleb Wilson Hazing Prevention Act has been signed into law by Gov. Jeff Landry.
This comes after HB 636, authored by Rep. Vanessa LaFleur (D-Baton Rouge), was signed by the Speaker of the House and the President of the Senate on May 19.
The measure redefines hazing, mandates annual prevention training, and strengthens penalties for student organizations involved in hazing.
The legislation is named after a Southern University student who was killed in 2025 after being punched in the chest with boxing gloves during an unsanctioned, off-campus fraternity hazing ritual.
The law will go into effect on August 1.
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