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When to Consult the Experts

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Our Mother’s Keeper: Part 3

We’ve discussed it before, but it bears repeating, especially because seniors themselves are often loath to admit they’re growing older: there are certain situations where it’s wise to get expert guidance before a reverse mortgage client or prospect may actually “need” it.

Here are four areas where seniors (or the person with Power of Attorney) should consider reaching out for advice in advance. 

  1. Aging in place. We’ve focused on various aspects of caregiving but not its potentially astronomical cost. Even a healthy senior needs to plan for in-home assistance in the event they live to a ripe old age — or experience an event, such as a fall, that necessitates temporary assistance. According to Genworth Financial, the average annual cost of a home health aide is $45,760. A certified financial planner (CFP) could be an excellent guide for both seniors and the family members who are helping them plan ahead.
  2. Retirement planning. A vast majority of the 76 million Boomer retirees and soon-to-be retirees (which includes a healthy number of reverse mortgage professionals) are planning for an active lifestyle once work no longer takes center stage, as we focused on in this retirement resource guide. It’s also critical to make sure the numbers in your bank accounts and other financial resources can support the lifestyle and years a senior has left to enjoy. A CFP and accountant/CPA are both worth consulting as seniors or those in midlife look toward the future. One financial planner urges people to sit down with a retirement planning expert no later than age 40.
  3. End-of-life care. Does a senior want palliative and hospice care, a DNR (do-not-resuscitate) order, or every possible medical intervention when they’re seriously ill or close to death? These are issues many people refuse to face; yet having such information on record can prove vital if the patient is not able to make their wishes known. The Office of Chronic Care Advocacy recommends consulting with an Elder Law and Special Needs Law attorney to ensure someone’s long-term care and end-of-life care planning are accurate, complete, and up-to-date.
  4. Estate planning and asset protection. We looked briefly at estate planning and the importance of proper beneficiary forms in order to avoid financial snafus. This is especially important for high net worth individuals. An Elder Law and Special Needs Law attorney should be able to draft an estate plan that analyzes the effect on a loved one’s public benefit eligibility or tax status, says the Office of Chronic Care Advocacy. They will also network with professionals in allied fields, such as a financial advisor/certified financial planner to assist with investment strategies, or a geriatric care manager to provide a care assessment and help source and select appropriate caregivers if needed.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

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2 Comments

  1. It is surprising that no one commented on this blog. There is a huge need for experts when it comes to seniors, especially when there is a HECM involved.

    Have you ever wondered why it takes so long for politicians like Trump to copy their tax returns for disclosure purposes, it is because it is easy to talk in generalities but when it is in a tax return you see it. For example there is the famous $1,000 invested by First Lady, Hillary Clinton, in cattle futures that turned into $100,000 a short time later that came up in the President’s tax returns from the late 70s.

    The best person to be involved in the details of a HECM is the senior’s tax preparer so that the tax adviser can help the senior gain the best tax result from the HECM interest and MIP.

    Few seniors have adequate advice. We need to help our customers understand the value of those experts.


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