Reverse mortgages have always been controversial for elder law advocates, but most agree that for some consumers they are a good option. If you are considering a reverse mortgage, then it is important to know what needs to be considered to determine if it really is a good option for you.
Reverse mortgages have had a bad name among elder law advocates almost from the moment of their introduction. Advocates have pointed out that reverse mortgage terms are often confusing and often make it likely that seniors will be forced out of their homes. However, after the mortgage crisis of 2008 the government took some steps to reform the reverse mortgage industry. These reforms have alleviated some of the problems with the industry. This makes reverse mortgages an option for seniors who are properly informed about the terms of any mortgage they sign. Recently, Consumer Reports articulated some considerations for seniors who are thinking about a reverse mortgage in “Reforms Come to Reverse Mortgages.”
These considerations include:
Discussing your options with an elder law attorney will help you make the best decision for your situation.
Reference: Consumer Reports (April 4, 2016) “Reforms Come to Reverse Mortgages“
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.