Whether you are an Elder Law attorney per se or not, of course you become involved in matters concerning clients age 62 and older. A general familiarity of the HECM program will often serve those clients best. Estate issues are certainly impacted by reverse mortgages and are a consideration when homeowners are contemplating one. Real Estate lawyers can be consulted about purchase and refinancing options. Please be able to give informed advice on the new HECM.
“Silver Divorce” is becoming more common and distribution of property can benefit all parties when a reverse mortgage for purchase is considered for one spouse while the other stays in the family home rather than liquidating that asset. See an outline of that scenario here. Call me! It can solve a big problem for some clients I assure you.
Many of my clients over the years consider their lawyer the most trusted person in their lives. Often, they may have a relative who is a lawyer and it is natural and understandable that they seek guidance on the issue of a reverse mortgage from them. Even if that lawyer is a corporate lawyer or patent lawyer or immigration lawyer or……you get the picture! Because my clients trust me, I am occasionally asked to provide a traditional, forward mortgage for a friend, neighbor or family member. I am licensed to do that, but I decline and refer them to someone who knows that product. I have never done a “regular” mortgage and would not serve them well.As a trusted advisor, you can be a tremendous help to older clients or family members considering a reverse mortgage even if you are not up to date on the essentials of the program. Please reach out to me with your concerns and/or the concerns of the homeowners so I can give you honest, accurate information that you can use to fulfill their need for the peace of mind you can give them as to whether it is an appropriate move for them. We both owe that to them. They don’t know if you are an expert or not but they trust your advice. Let me help you to give them good advice.