During her years of popularity, Falcón enjoyed luxury items like furs, expensive jewelry and powerful automobiles.

She had a turbulent romantic relationship of ten years with Francisco Canaro, who was a married man at the time.

In 1942 Falcón suddenly withdrew from public life and remained isolated in her house, avoiding contact with the outside world.

There she lived as a pauper by her own choice, in a small cell with little furniture and frugal meals, until she was transferred at an advanced age to a retirement home due to failing health.

Filmmakers Lorena Munoz and Sergio Wolf made a documentary about Falcón's life, titled Yo no sé qué me han hecho tus ojos (I Don't Know What Your Eyes Have Done to Me), which was released in 2003.