A better idea, in my opinion, is rebasing the currency, to some form of standard like gold - and ceasing to print pretend money, that only results in currency deflation, and retail inflation.
With the currency pegged to a standard, a penny would actually have more value, than it does now.
I disagree on your mortgage point. The whole reason for rebasing to a standard, is to avoid those issues. Where I think the rub is for most people, is they’d have to disavow themselves of the notion, that a property should go up in value.
To put it another way, if gold was money, there wouldn't be enough new money every year to buy all the stuff we come up in a year.
By decreeing gold to be money and money to be gold, we would be interfering with the market in a major way: artificially giving the value of gold a massive boost and cutting the value of all other things.
That's literally deflation.
I already get annual pay cuts thanks to inflation.