The Return of Reverse Mortgages, Elder Law Attorney, Woodstock, GA

In the past most elder law attorneys advised their clients to stay away from reverse mortgages. That is beginning to change.

Just a few short years ago reverse mortgages were often seen by elder law attorneys as an unfortunately popular way for senior citizens to be taken advantage of and lose their homes. The industry was full of abusive practices and sometimes outright fraud. Despite that, many senior citizens—unaware of the problems in the industry and in need of money—signed reverse mortgages. When the financial crisis hit, news about the problems in the reverse mortgage industry began to filter out to the general public, and they became far less popular. However, as the New York Times reports in “The Quiet Comeback of Reverse Mortgages,” the use of reverse mortgages is on the rise again and—thanks to some key reforms—may be appropriate in the right circumstances.

Stricter government regulations have weeded out most of the abuses in the reverse mortgage industry and have made it much less likely that anyone who signs one will lose his or her home. Additionally, because a reverse mortgage that follows the rules is federally insured, borrowers and their estates are not responsible if the home’s value decreases to a point where it is lower than the amount taken out under the reverse mortgage.

These changes make reverse mortgages an intriguing option for seniors who need money and who are not concerned about leaving their homes to their heirs.

However, reverse mortgages are still not appropriate for everyone. Because every situation is unique, it’s best to consult with qualified counsel before signing a reverse mortgage.

Reference: New York Times (July 22, 2016) “The Quiet Comeback of Reverse Mortgages

Hear From Our Clients

“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.”

- Bonnie

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.

- Hope

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!

- Kerri

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.

- Charlotte

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.

- Pierce