Senior Issues

Appearing on the AARP-produced cable television program, "Inside E Street," Congressman Barney Frank told host Sheila Kast he does not see the parallel between reverse mortgages and subprime loans.

Most cases of elder financial abuse are not perpetrated by businesses, but by family members. We want to help you recognize when a client is being victimized and what your responsibilities are.

"Seniors, like everyone else, are pinched in this market," says Certified Financial Planner and Registered Financial Gerontologist Barbara Steinberg, founder of New Jersey-based BLS ElderCare Financial Solutions.

If your next client is receiving Medicaid benefits, it's important that you carefully explain the ramifications of getting a reverse mortgage, so that you don’t put that person at risk of losing government benefits.

A thorough knowledge of reverse mortgages is critical to any loan originator's success. However, if you really want to impress your clientele, you should have a basic understanding of other state and federal programs that offer assistance to the elderly.

Efforts are underway in Los Angeles, Minnesota and Washington state to promote reverse mortgages as a financial tool to help elderly homeowners pay for home and community-based services to help them age in place.

Although growth in property values may be slowing in some parts of the country, the issue of property taxes is still of major concern for elderly homeowners living on fixed incomes.

With Baby Boomers on the cusp of retirement, the average life expectancy could soon reach 90 years thanks to significant advancements in medicine and healthcare. What has some experts worried is whether Americans are saving enough money to live comfortably for a period of retirement that could reach 30-plus years.