Complex Decision-Making and Cognitive Aging Call for Enhanced Protection of Seniors Contemplating Reverse Mortgages
Debra Pogrund Stark, Dr. Jessica M. Choplin, Dr. Joseph A. Mikels & Amber Schonbrun McDonnell. It was the best of loans, it was the worst of loans. For many seniors who are living on an inadequate fixed income with a home value that far exceeds any mortgage debt on it, a “reverse mortgage” might be a good method to address chronic cash shortages. Under this type of mortgage, the lender makes payments to the borrower that are not generally due until the senior passes away or moves from the home. Many seniors have expressed interest in this unique type of…