Reverse mortgages can be a useful tool. However, like most loans, a reverse mortgage is not a perfect product and should not be entered into until all of the factors, risks, etc. have been examined and explained to the borrower.
According to the National Council on Aging, approximately 1 in 10 Americans over the age of 60 have experienced some form of elder abuse, and of the nearly 5 million cases each year, only 7% are ever even reported to the police.
Currently, Social Security provides benefits to survivors, and certain disabled persons, as well as the elderly and helps keep almost 20% of all Americans older than 64 above the government-defined poverty line.
While experts have and will continue to debate the benefits and costs of the 2017 tax reform for consumers, one clear benefit is the expansion of benefits from the use of a 529 Education Savings Account.
Failing to have a Will or a Trust highlights misconceptions that continue to exist about Elder and Estate Law. Planning for the future now will provide priceless comfort and security for your loved ones after your death.