Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Complex Decision-Making And Cognitive Aging Call For Enhanced Protection Of Seniors Contemplating Reverse Mortgages, 46 Ariz. St. L.J. 299 (2014), Debra Pogrund Stark, Jessica M. Choplin, Joseph Mikels, Amber Schonbrun Mcdonnell
Complex Decision-Making And Cognitive Aging Call For Enhanced Protection Of Seniors Contemplating Reverse Mortgages, 46 Ariz. St. L.J. 299 (2014), Debra Pogrund Stark, Jessica M. Choplin, Joseph Mikels, Amber Schonbrun Mcdonnell
Debra Pogrund Stark
This article analyzes the factors that affect the effectiveness of the current rules and counseling protocol in enabling seniors to make well-informed decisions on whether to enter into a proposed reverse mortgage in light of the cognitive barriers that consumers in general, and seniors in particular, face. The article then proposes further changes to these rules and the counseling protocol to better enable seniors to determine whether entering into reverse mortgages is in their best interest in light of their specific financial situations and goals. Section I provides an overview of the current status of the law relating to reverse …