Reverse mortgages are getting the attention of the national news media. Two problems with reverse mortgages. First, the cognitive ability of the elderly person and second, unscrupulous financial advisors. Older adults [age 62+ for reverse mortgages], especially those with little education, non-fluent in English, and in dire need of money are the most vulnerable. Reverse mortgages often come up in discussions with my clients, and I refer them to
Certified Senior Advisors (CSA)specializing in this field.
Certified Senior Advisors must take a rigorous course, pass a test, and adhere to the ethical code,
CSA Code of Professional Responsibility. CSA's are professionals in their fields with specific training in working with seniors and matters of aging. They are located throughout the USA and their website may be helpful for you or someone you know. Check it out at www.csa.us. As for cognitive functioning and decision-making. A person can have impaired cognitive functioning BUT still make decisions. This is where the training of a gerontologist is recommended. The MMSE is not a measure of the ability to make sound decisions. The MMSE is a tool to assess overall cognitive functioning--
Executive thinking skills must be assessed if decision-making is a concern. Contact me if you need more information. Dr. Jan Vinita White, PhD, Gerontologist
