A reverse mortgage can be a great tool in the right circumstances, but if you aren't careful you could end up losing your hom...Read more
New York Times Endorses Allowing Reverse Mortgages to Reduce Estate Recovery
- April 25th, 2006
In its April 22, 2006, lead editorial, The New York Times calls on states and the federal government to enact incentives to encourage people to use reverse mortgages to pay for services that will allow them to grow old at home.
"Perhaps the most powerful incentive," the Times says, "would be to allow people who use reverse mortgages for home-based care to shield some assets from the Medicaid estate recovery process, which states use to recoup some of the money spent on Medicaid patients after the patients die."
Reverse mortgages, financial arrangements designed specifically for older homeowners, are a way of borrowing that transforms the equity in a home into liquid cash without having to either move or make regular loan repayments. They permit house-rich but cash-poor elders to use their housing equity to improve the quality of daily life while delaying or averting the need for a nursing home.
To read the editorial, "Aging in Place," click here. (Free registration required and article is available free of charge for only one week.)
For more on reverse mortgages, click here.
Local Elder Law Attorneys in Ashburn, VA
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...