There are certain situations when a reverse mortgage is a suitable financial tool for a senior. An elder lawyer will be able to look at the big picture and provide useful guidance.
Reverse Mortgage Daily’s recent article, “How Elder Law Attorneys Can Become Key Reverse Mortgage Partners,” explains that the National Association of Elder Law Attorneys (NAELA) has 4,500 members nationwide. Although the organization says it doesn’t have an official position on reverse mortgages, many of its members take advantage of exclusive access to webinars and other online resources about the product.
An elder law attorney’s work requires him to find solutions to a client’s problem, and a reverse mortgage can be part of the answer.
Sometimes a reverse mortgage is the only way that a senior can maintain his or her independence, live at home and cover home care or other services. Part of the elder law attorney’s job, is helping the client see if a reverse mortgage is a good choice.
Just like any other investment, there are right cases and wrong cases for a reverse mortgage. An elder law attorney’s job is to explain the pros and cons of the reverse mortgage in the broader scheme of the planning process. The senior would meet with his or her financial advisor—independent from a mortgage consultant—to discuss whether that specific type of investment vehicle is a good fit for them.
Some elderly people, particularly those who grew up during the Depression, are reluctant to add a new mortgage when they worked so hard to pay off the original mortgage years ago. They may be resistant to the idea of taking on any kind of mortgage at this stage in their lives.
Setting up a meeting with an elder law attorney to consider all of the options that are available, including a reverse mortgage, if it is appropriate, will be helpful in allaying concerns and allowing the family to create an optimal plan.
Reference: Reverse Mortgage Daily (September 18, 2017) “How Elder Law Attorneys Can Become Key Reverse Mortgage Partners”