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 folks get what’s termed “Depression” mentality. They purchased their home years ago and they couldn’t wait to pay off the mortgage. However, they’re now advised to put a mortgage on their home. Some will heed good advice and some will not, but that’s their call. It’s critical that they have all of the information and are presented with all of the options, so they can make an informed decision.
Reference: Reverse Mortgage Daily (September 18, 2017) “How Elder Law Attorneys Can Become Key Reverse Mortgage Partners”