Boston Estate Planning and Probate Lawyer & Attorney : Gosselin & Associates Law Firm : Serving Boston, Winchester, Hingham, Wellesley, Manchester

Today, several of the new skin products being marketed tout that they can reverse the signs of aging. They make claims that they can remove wrinkles or increase energy or improve memory. I don't know if any of these products can deliver on their claims. But for seniors 62-years-old or older who own (or almost own) the home they live in, there is a way to reverse one thing in their lives, the mortgage on their homes.

How? In a typical mortgage, a home owner pays the bank a monthly amortized amount. In a reverse mortgage, a home owner pays the bank a monthly amortized amount. Does this sound too good to be true? Is this another anti-aging product gimmick? It's not. For many seniors, a reverse mortgage is a sound financial planning tool, and according to Brett Kirkpatrick of Mortgage Financial Services , "A reverse mortgage might be the ideal option for seniors to maintain their financial independence."

Some Reverse Mortgage History

Reverse mortgages have been available in the United States since 1961 but with considerable variation from one region of the country to another. In 1991 the Federal government expanded its insurance of reverse mortgages, thereby increasing availability across the map. With the rising cost of healthcare, unanticipated increases in inflation, pension plans going under and the unpredictable nature of Social Security, more seniors are looking towards their houses for the cash they need.

In fact, as property values have risen, a number of seniors who took out reverse mortgage loans years ago are returning for second and even third reverse mortgages to harvest the additional equity that has built up in their homes. "Most senior homeowners just want to remain comfortable in their own home." states Ed Barrett, a reverse mortgage expert from Your Home for Life in Westwood, Mass. "With the rising costs of everything today, that is becoming harder and harder to do. Now, with the federally insured reverse mortgage, there is a new option available that really provides for financial security and peace of mind. It really can be 'Your Home For Life'." According to the Federal Housing Administration, which insures most reverse mortgages, by September of 2005, homeowners had taken out about 43,000 reverse mortgages, up from about 37,800 the year before and from 7,700 in 2001. The demand continues to rise with 56% more loans taken out in the first quarter of 2006 than in 2005.

The Ins & Outs of Reverse Mortgages

To qualify for a reverse mortgage, at least one person on the home's title must be 62 years old, the home must be the owner's primary residence (i.e., the homeowner must actually live in the home) and the home must be owned outright or the reverse mortgage loan must be used to pay off the outstanding mortgage balance.

The Federal reverse mortgage loan program has a cap on the size of the mortgage loan it provides, so for those seeking amounts in excess of the Federal limits, state programs and private lenders are a better choice. For both Federal and state programs, there may be restrictions on the types of residences that qualify. For example, under the Federal program condos are eligible, but shareholder-owned cooperatives are not. In Massachusetts, SFR, MFR (1-4 units), Condo's, and HUD-approved manufactured housing are all eligible. Loans generally are written for no more than one-half to two-thirds the value of a home and even if the value of the home changes while the loan is outstanding, the borrower only owes the amount of the loan. The repayment amount can never exceed the value of the home. In fact, under the Federal program, the government makes up the deficiency, if any, to the lending institution, and while Private Placement programs are not insured, all are "non-recourse".

The borrower decides how to receive the loan money. There are four payment options: (1) an up-front lump sum payment; (2) a line of credit; (3) fixed monthly payments; and (4) a combination of a line of credit and fixed monthly payments. With any of these options there are fees and costs, but many of these are the same fees and costs that would be incurred with any loan. For example, there is an origination fee, an up-front mortgage insurance fee, an appraisal fee, and standard closing costs. As far as Uncle Sam is concerned, the money received from a reverse mortgage is not taxable as income, regardless of the way the money is paid. Likewise, many states do not consider reverse mortgages as income. They are not count ed as disqualifying resources for most Federal and state public assistance programs.

A reverse mortgage must be carefully evaluated as it is more complex than other secured loans (like home equity loans, for example). It is suggested that seniors considering one seek the advice of a legal, tax or financial advisor. In fact, the law requires that seniors receive counseling before they obtain a loan. Typically, such counseling covers budgeting and general financial planning, as well as the tax implications and Medicaid/public assistance ramifications. The AARP, Fannie Mae and HUD are three agencies that provide counselor referrals. As previously mentioned, reverse mortgage loans contain fees and costs. However, the fees and costs are low and are not paid out of pocket or up front. They are added to the total loan amount along with the interest, and are paid when the loan's term expires. If a borrower's reverse mortgage is structured as monthly payments "for life", his or her estate may end up paying off the loan.

The Federal reverse mortgage program assumes a life expectancy of 100 years, thus, monthly payments may be lower for seniors closer to age 62 than for those nearer to 100. The life expectancy assumed by Massachusetts, as well as for all other programs is 100 years. One thing about reverse mortgages that seems to worry most seniors is that having a reverse mortgage loan will prevent their children and grandchildren from inheriting their home.

Seniors who want to ensure that their heirs are provided for could take advantage of the new transfer rules under the Deficit Reduction Act of 2005 (passed in 2006) which allows, among other things, transfers made five years before their application for Medicaid to be outside the "look-back period". Being outside the "look-back period" means that the seniors will not be penalized for the transfer. For example, if a senior gives some of her savings and investments to her grandchildren five years before she needs Medicaid, she qualify immediately, provided of course, that she is careful not to make it seem like the transfer was made for the sole purpose of qualifying. Even if seniors do not take advantage of the new transfer rules, the rising costs of real estate should protect the home for their heirs, who can sell the house and use the proceeds to pay off the reverse mortgage note and keep the profit. In fact under the Deficit Reduction Act, seniors with more mortgage on their home may fair better (in some circumstances) that those who have higher equity.

The new law's limit of $500,000 on home equity (which can be increased up to $750,000 at state option) may well mean that seniors owning homes with greater equity could risk not qualifying for Medicaid coverage. If the equity is tapped using a reverse mortgage loan,  seniors may be sheltered from disqualification.

Because You Were Curious: Other Home Equity Conversion Mechanisms The desire of seniors to utilize the value of their homes' equity, while continuing to live in their homes has led to banks offering various other home equity conversion mechanisms in addition to reverse mortgages. Home equity loans, sale-leasebacks and financial arrangements in which seniors retain a life interest in the home while selling the remainder interest are other options for seniors to harness the equity in their homes. However, none of these are as beneficial to seniors or are as easy to obtain as a reverse mortgage.

For example, most home equity loans require that the borrower demonstrate a dependable source of income that can support monthly re-payment obligations. As a result, most seniors in retirement are not likely to have the income that is necessary to obtain a home equity loan. In a sale-leaseback (where the home is sold and then simultaneously leased back to the person for life) or a sale of a remainder interest transaction (where the homeowner retains a life estate in the home while selling the remainder interest) a major concern, in each of these transactions, is that it may be difficult to find a suitable buyer who is willing to buy the home subject to the sort of leasehold restrictions that an older homeowner requires. In sale-leaseback and remainder interest transactions, there are also tax and public assistance issues that may not make these viable options for seniors.

Reverse Mortgage in Summary

A reverse mortgage is a financial planning tool that is increasingly being used by senior homeowners from all walks of life. They are an attractive option that allows seniors across the economic spectrum to have more cash by increasing the liquidity of an asset that most do not think of as liquid, a home. According to Ed Barrett of Your Home For Life, "Reverses offer a better quality of life for those who need more cash flow than offered by a pension or social security benefits and enable much needed repairs to your home to be made, all without making a single monthly payment," and while reverse mortgages can't remove wrinkles, increase energy or improve memory, they do help seniors lead a richer and more rewarding life.

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Gosselin Law's short sale group can be reached at 781-782-6000 or toll free at 877-325-6746. Gosselin Law has convenient office locations in Boston and throughout Massachusetts.

What is a Short Sale:

• When a lender accepts a discount on a mortgage to avoid a foreclosure or bankruptcy.

Why a Lender Would Take a Discount:

• They do not like excess inventory or bad loans on their books;
• Loss mitigators have incentive to clear up defaulted loans - short sales help do that; and
• Lenders know they can lose more money if a home goes to auction.

Lender "Short Sale" Factors:

• Whether the seller deserves a break due to: financial hardship caused by unforeseen circumstances (layoffs, divorce, illness, etc.);
• Whether it would be cheaper to repossess the home, fix and sell;
• How many other properties the lender has in default; and
• If co-signers are on the loan and can help pay the mortgage balance.

The Short Sale Process:

• Acquire a professional (such as a real estate attorney) with short sale experience.
• Contact the lenders 'loss mitigation department' to discuss the possibility of a short sale and determine the lenders process for completing the sale. This sometimes involves acquiring a 'Short Sale' or 'workout' packet.
• Seller must issue a signed 'Release' or 'Authorization to Release Information' to authorize the release of personal information about the loan and the property for the buyer or escrow agency.
• Lender will review the settlement statement indicating: sale price, loan balance, expenses, commissions and fees associated with closing the sale.
• Seller must complete a 'hardship letter' explaining the reason for wanting a short sale. The letter should include all information regarding the financial circumstances of the seller along with bank statements, investment account information, pay stubs and other necessary financial information.
• The lender will connect with the broker to provide a price opinion based on the condition of the home, market value, maintenance costs, etc.
• The lender reviews the purchase agreement and real estate commissions and weighs them against the cost of repossessing the home to sell or auction.
• If the lender finds the situation works in their favor, the short sale will proceed with the terms negotiated in the purchase and sale agreement.

Short Sale Mistakes to Avoid:

• Don't low-ball your offer. Lenders are trying to minimize loss and have a good sense of property values so make your offer as tempting as you can while staying inside your profit guidelines.
• Have a knowledgeable short sales professional on your side. Lenders are busy and do not have time to explain the process so make sure you know what you are doing, or find someone (like a real estate attorney or a broker with short sale experience) who does.
• Don't assume each lenders short sale process is the same. Each lender has different documents, requirements and regulations so don't foul up by making assumptions.
• The fewer loans on the property - the smoother the short sale process. Avoid complicating an already complex process by having a good handle on what's owed on the home.

Why Short Sale Knowledge is Important for Brokers and Real Estate Agents

• You can recognize  the opportunity to sell a home and receive commission on a home that would otherwise be repossessed by the lender or auctioned.
• To develop a favorable reputation among potential buyers (who stand to purchase a discounted home with a short sale) and among sellers (who will no longer go into foreclosure or declare bankruptcy) let the experienced short sale lawyers at Gosselin Law guide you through the MA short sale procedure. Very often the legal fees are negotiated with your lender as part of the short sale procedure. Gosselin Law's short sale group can be reached at 781-782-6000 or toll free at 877-325-6746. Gosselin Law has convenient office locations in Boston and throughout Massachusetts.
Tags: Boston law firm, Century 21, Gosselin Law, Massachusetts Real Estate Attorney, Real Estate, Real Estate Broker, Short Sale, bankruptcy, boston, boston lawyer, boston short sale, boston short sale lawyer, foreclosure, foreclosure relief, gosselin and associates, lawyer, lender, loss mitigation, ma short sale, massachusetts lawyer, massachusetts short sale lawyer, mortgage, refinance, short sale lawyer, short sale procedure, short sales and massachusetts
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The problems are starting to happen:

• A loan officer who gets caught pretending to be a borrower at closing.
• A borrower dead for 15 years - still on the title, so his 48 year-old son with the same name takes a reverse mortgage, and almost gets away with the money.
• An elderly woman on Medicaid benefits is talked into taking a lump sum  reverse mortgage and her otherwise protected money is taken for reimbursement by Medicaid, leaving her penniless.

Mortgage scams have been around as long as there have been mortgages (as you've learned in past blogs, reverse mortgages have been popular since the Roman Empire - literally "loans until death").

Reverse mortgages are available in Ireland, India, United Kingdom, Australia, the U.S. and other countries in various forms. "Life loan" (Irish/UK term for a reverse mortgage) programs are very similar to U.S. reverse mortgages. Here's a link to a program brochure for Bank of Ireland's life loan program: Bank of Ireland.

There are significant differences in these programs compared to a typical U.S. FHA reverse mortgage. First, the borrowing limits are tied to age and are quite low, generally around 25% of property value. Second, the interest rate is fixed for 15 years and there is a pre-payment penalty for early payment unless it is due to death, moving out of the property for more than 6 months or the sale of the property. Lastly, the program will not lend against property that appraises lower than €200,000 (about $275,000) although reverse mortgage loan limits are quite high at €400,000 (about $550,000).

One big difference between U.S. reverse mortgages and the Irish program (similar to the UK and Australian programs) is the borrower is required to have independent legal advice as part of the transaction. This would be a very positive step for the U.S. reverse mortgage industry, because so many elders do not understand the full consequence of their borrowing and the U.S. counseling certificate program is limited in its scope.

Many experienced elder law attorneys who could affordably advise elders that having each potential borrower retain an elder law lawyer would not be a large economic burden but could reduce the risk of improper loans substantially.

Not only does the Irish reverse mortgage program require legal counsel prior to and at closing, but it contains a unique requirement that would help reverse mortgage servicers recoup loan proceeds more efficiently. The Bank of Ireland reverse mortgage program requires the borrower to have a will and to notify the bank of its contents (as to executor) prior to closing.

The long list of new reverse mortgage products coming to the market reek of the influence of sub-prime lending and of Wall Street's thirst for profits.

These new reverse mortgage programs, for the most part, are not written to make reverse mortgages more affordable or understandable, but rather to make them more profitable to both mortgage lenders and Wall Street.

In the past weeks, Congress picked up the cause of elders with reverse mortgage specific components of the FHA Modernization Bill working its way to President Bush's desk. More important for the reverse mortgage industry, this bill increases FHA lending cap limits, reduces the maximum origination fee and makes the HECM (Home Equity Conversion Mortgage) product more flexible (i.e., allowing a HECM for the purchase of real estate, which can be compelling from an estate planning perspective under the right circumstances).

Watch Congress, HUD and responsible mortgage wholesalers such as Mark Burton at Beacon Reverse and respectable mortgage brokers like Ed Barrett at Your Home For Life and Brett Kirkpatrick at Mortgage Financial Services to continue to be watchdogs for the reverse mortgage industry. They will help guard against it blowing up into a sub-prime-type fiasco, only hurting elders by limiting access to their home equity just when they need it most.

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Have you heard of the new reverse mortgage product? Borrowers can be any age, borrow up to 100% of their equity and can get a fixed rate with no closing costs on a reverse mortgage (and it pays 4 points to the mortgage company!) - Just kidding!

New reverse mortgage products are popping up daily from lenders of all stripes. It's almost like reverse mortgages are the new sexy product category of the mortgage industry - like sub-prime loans were in the past decade. We know where that got us.

But is the market large enough to absorb all these new products? Despite being cool variations of the reverse mortgage theme - such as going to 60 year old (and younger!) borrowers, fixing rates, tying rates to any manner of indexes and making closing costs appear to be lower, the new reverse mortgage products appear to be driven more by a need for marketing than actual innovation. So, elders who are confused enough already about the prospect of taking out a reverse mortgage on their homes, now have to wrestle with the dozens of variations that the reverse mortgage originator can put on the table.

I am all for innovation in the reverse mortgage industry, but I really don't believe that the wholesale mortgage industry is on the right track with creating a myriad of new products. It seems that they are only sending out new product slicks to get the attention of reverse mortgage brokers. This will only invite reverse mortgage abuses. We have seen this pattern so many times before. Wholesalers just make new packaging for good core products - perverting the good with the ugly.

This is not going to work with reverse mortgages. If wholesalers want to increase market share they should do it through marketing support and education. They should make their brokers experts in selling reverse mortgages - not motivated strictly by mortgage sales commissions - but by providing great service to their clients and their communities.

Not every mortgage company should sell reverse mortgages. Reverse mortgages are a specialty product. Reverse mortgages require educated consultative sales people. Yes, they need to be well equipped, but the trend towards more and more aggressive underwriting and riskier variations on reverse mortgages will only backfire on the uninitiated. Our law firm is focused on the education and co-marketing of reverse mortgages to the elder community. We are not interested in selling reverse mortgages, only presenting them and helping elders decide if it is a good fit.

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I am happy to report that the Attorney General has promulgated new regulations to protect mortgage borrowers in Massachusetts.  The full text of the regulations can be found HERE.

The gist of the regulation is that Massachusetts will no longer permit mortgage lenders and brokers to make loans on unreasonable terms or that are clearly loans that would be unlikely to be repaid by borrowers.  There are also provisions for disclosure and translation for non-English speaking borrowers.  Hooray for Martha Coakley and the Consumer Protection Division of the Massachusetts Attorney General's Office!

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Reverse mortgages are bad mortgage products. Reverse mortgages cost too much in closing costs. Reverse mortgages drain the equity from elders' estates. Reverse mortgage originators prey on the weakest among us. Or so pundits that sell houses, annuities and all manner of ignorant self interested "protectors" of the elderly repeat as if a mantra to ward off the evil of reverse mortgages. Of course, the truth could not be further from their fears.

The US Government needs the baby boomers to embrace reverse mortgages. After all, the national debt has more numbers than my Comcast account, Halliburton needs to keep profitable in Iraq and Americans are living (and getting Social Security and Medicaid benefits) longer than ever. The actuaries tell us that it's not the interest on the national debt, foreign aid or war that will bankrupt the US Government, but rather Medicaid has the power to overwhelm the entire GDP. Where is the money that will pay for all of Uncle Sam' hospital bills?

Medicaid is an issue for the reverse mortgage industry, especially for the reverse mortgage originators that don't know their products and underwriting well enough to advise their customers on the traps. I have been featured recently in the Mortgage Press and the National Reverse Mortgage Lenders Association national teleconference and newsletters as an expert in the intersection of Medicaid regulations and the origination of reverse mortgages.

Here is one of the articles, excerpts from an interview with Atare Agbamu (who writes extensively on reverse mortgage issues):

Traps for the Wary: Reverse Mortgages and Healthcare Benefits -- a conversation with Elder Law Attorney John Gosselin

By Atare E. Agbamu, CRMS

They say old age hardly comes alone. It comes with issues. The same can be said of reverse mortgages, the new pillars of retirement security in these precarious times.

Reverse mortgages come with issues, government healthcare benefits issues. The relationship with government healthcare benefits is deeper and more challenging than most originators and customers suspect.

To help us understand the connection and its implications for originators and customers, I spoke with Winchester, Massachusetts-based elder law attorney John T. Gosselin.

The Managing Attorney of his own law firm, Gosselin & Associates, P C, with offices in Massachusetts and New Hampshire, Mr. Gosselin is one of a few lawyers, in my experience, who really understand reverse mortgages, particularly how they mix with other elder law issues.

Besides overseeing a vibrant probate administration and elder law work, Mr. Gosselin runs a thriving real estate practice, acting as counsel or closing agent in more than 20,000 transactions, advising clients on purchase and sale agreements, mortgages, financial, and title disputes.

A member of the National Reverse Mortgage Lenders Association (NRMLA), Mr. Gosselin has advised and represented lenders in reverse mortgage situations for more than 10 years.

As you will find from our conversation, Mr. Gosselin has thought these issues through. His knowledge, insights, and suggestions will help you serve your customers better. They could help your company avoid some difficult issues too. [Disclaimer: Nothing in this article should be considered legal advice. Seek competent counsel for your unique situation.] The following is a transcript of our conversation.

Atare E. Agbamu: John, what is the loss of Medicaid Eligibility risk for the typical reverse mortgage borrower?

John T. Gosselin: The big risk is being over asset. The way you qualify for Medicaid benefits is to be poor. Medicaid is welfare. So in order to qualify for welfare, you need to be poor. And the government defines poor as a combination of assets and resources. And they define it all as available resources. That's the term that is used. If you have more available resources than the limits that are allowed by law, you cannot qualify for benefits.

The first risk is a borrower holds too much cash in their name, by virtue of holding too much cash, either through a lump-sum distribution from a reverse mortgage or drawing too much down from a HECM [government-insured reverse mortgage] or drawing a small amount from a HECM but not spending it. A lot of our borrowers in the reverse world are used to living on very low amounts of money. So when they start drawing from a HECM, they feel uncomfortable spending it. I have seen that happen where the borrower accumulates relatively modest payments over a short period of time to put them over the asset limits.

The asset limit, commonly, for an individual person, is about $2,000 in liquid resources, in addition to their principal residence. They are allowed to have a principal residence, but they can't have more than $2,000 in total liquid assets at the end of any month. So at the end of any month, they can't have more than $2,000 standing in their name and receive Medicaid benefits.

So the risk is that they are going to draw down or borrow more than what is allowed. By doing that, if they are over age 65, as almost all our reverse borrowers would be, it will automatically put them in situations where they are either going to be disqualified for benefits and/or subject to reimbursement for benefits they have already received. That is the risk specific to Medicaid.

There is another risk which is also related, Supplemental Security Income (SSI), which is an additional welfare program. It is intended mainly for people who are very poor, who have neither Social Security nor virtually any social security income. This is another scheme which the federal government provides for its poorest people. Generally, these are people who never paid into the system by working at jobs which provide for federal social security and insurance benefits. It is not an insurance program; it is a federal welfare benefit. And that program has very strict income guidelines.

Although a HECM advance doesn't disqualify them as income, there is a risk of going over the asset limits. There is income that is assumed to come from those assets. There is a formula that is done. If they are holding too much in assets, they can be disqualified from SSI. Again, holding too much cash is a problem. Having money in a given month is not a problem. They could draw down tens of thousands of dollars if they spend it for their own personal needs, their care, and their protection. They can really spend it for anything. They are spending an asset that is protected, which is their house. At the end of 30 days, they better get that asset back under $2,000. At the end of each month, their cash has got to be under $2,000. And they could not have accumulated other easily liquidated assets, like buying jewelry, for example. They can't buy more than one motor vehicle for their own use. They can't accumulate collectible assets. They can't go out and buy antique furniture that is going to carry a cash value or easily liquidated value. So they are somewhat restricted in how they use their funds, but not terribly.

One other dimension that people should be aware of (I don't expect this to occur often) is that the tenure payment could be construed as income. We usually say that reverse mortgage payouts are never income, that it is always drawing against the value of the house, but the reality is that when the balance of the mortgage exceeds the value of the collateral, it can be recognized as income; because, effectively, it is no longer a loan because the proceeds are exceeding the value of the collateral. The IRS would recognize that as a form of taxable annuity income. That could run into some problems.

Now why I say it shouldn't come up much is that the tenure payment is fairly conservative. The formula used to come up with the numbers really anticipate someone living quite some time before the loan gets upside down; but, in a declining real estate market, you could, potentially, see that become an issue in the future.

AA: From your experience, how valuable is Medicaid Eligibility to the average senior person? For it to be a serious loss, it has got to be pretty valuable.

JG: For the average senior, they are probably going to be receiving Medicare benefits because that is an insurance program that people pay in when they work, and they work for wages. The vast majority of people over 65 are on Medicare benefits.

The Medicaid benefits we are talking about will affect reverse mortgages. It could be supporting a spouse that is in a nursing home. For example, if we have a wife that is in the community and a husband in a nursing home, the wife in the community (it varies by state) on average, is allowed to keep the principal residence and approximately $100,000 in assets. It does vary. More or less, it is $100,000. If she goes over the asset limit, she can disqualify her spouse for the benefits that they are receiving for the husband's care and possibly be forced to reimburse benefits already received.

Most often, I think, when a spouse of someone who is borrowing on a reverse is in a facility [nursing home], they are disqualifying the spouse often unknowingly. This is one of the traps for originators. They should inquire whether or not a spouse is in a nursing facility and determine how that spouse is paying for their care. Sometimes the spouse will no longer be on title so the topic does not come up unless a direct inquiry is made.

There are other ways to pay for nursing care. One of them could be VA [Veteran Administration]. The VA is very low cost, and it doesn't really impact reverses as it is tied to service record and not only financial need. There are also religious and community organizations that provide unique living situations for elders, many of these require turning over large lump sums in favor of lifetime care contracts. Home care services are also coming along that will essentially enable seniors to have nursing care at home on a somewhat more affordable basis. Another place Medicaid comes in is community Medicaid.

Community Medicaid is a program that supplements Medicare. Again, it is generally for the poorest people, both seniors and those under 65. The people whose income and ability to pay for what Medicare doesn't pay for is compromised, so they would go for Medicaid benefits in the community, or they need some special services or in-home care through a variety of community programs.

There are in-home care programs that are coming up every day now in every state, where instead of going to a nursing home, the state will subsidize a certain amount of in-home care. It is that in-home care we need to be concerned with because if it is under the Medicaid program, it is subject to reimbursement. Think of Medicaid like a loan from the government.

AA: So this is a very valuable program for the average senior because it protects their health, right?

JG: The Medicaid program we are talking about is a community health insurance benefit. This pays for every aspect of medical care. It pays for prescriptions. It pays for hospitalization. It pays for virtually any medical need of an elderly person. You could have reimbursement obligations in the millions of dollars for somebody who has a serious illness.

You could have someone who has MS [multiple sclerosis], Lou Gehrig's disease, or a form of cancer that has received hundreds of thousands or even millions of dollars worth of care through the Medicaid system. Yes, it is absolutely a valuable benefit.

To lose the benefit for people who are receiving the benefit would probably be catastrophic. They could put themselves in situations where their medical debt could consume the value of their house. If they have no other means of paying for their medical debt, they could be forced into bankruptcy for their medical debt.

The US government needs to find a way to use the wealth stored in home equity for people's care, I think we'll see a much simpler reverse mortgage product coming very soon, like a low interest rate reverse mortgage that's sold directly or at least wholly subsidized by the US Government to get at people's home equity for elders' medical and home care needs.

 

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First, I expect a lot of competition to sell me a bed, since there will be many more available than needed, so they'll have to offer me incentives to move in. "Free haircuts for life for the first 10 residents. Buy one bed, get another for half-price."

The homes will be far different than they are today. I would expect my nursing home to be named like a major sports stadium, AARP Nursing Centers of America or the Depends Elder Spectrum. Gone will be the TV game shows and nightly bingo - we'll have oldies like Nintendo and Playstation to aggravate our arthritis. On TV, we'll watch reruns of Grey's Anatomy, Family Guy and American Idol.

Instead of that ubiquitous soothing waltz music, we'll have real Muzak oldies like AC/DC, Smashing Pumpkins, and the Black Eyed Peas to keep us moving rhythmically in our rocking chairs.

And if we are out on the porch in the rocking chairs, what to wear? Style matters. How about Abercrombie & Fitch's line of easy access night gowns for geriatric women? And from REI, the Marmot Gortex Elder Pants, now with stain and odor protection. Options include special pockets for the ipod, dentures and the colostomy bag.

Wheelchairs will have flip-out laptops, handy for text messaging our fellow residents. And of course chairs will have GPS gear so we and they will know where we are headed and where we are, should we forget.

Gone will be the dishwater-flavored coffee of today, along with tasteless mush and muck they call meals. We'll get double, no-fat soy vanilla lattes with whipped from the Starbucks' traveling baristas and the Meals on Wheels cart will stock Ring Dings, Ben & Jerry's Chunky Monkey - and every other Thursday - Trans Fat Feast Night! (brought to you by Crisco)- oh the good 'ol days.

Seriously, assisted living facilities and nursing homes are changing with the times - and there is a new trend - identifying and supplying the preferences of their residents. Drab gray institutions simply won't cut the mustard when us boomers are ready for the homes. My dotage may be something to look forward to yet.

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The Law for Life blog has had many new readers lately. While we welcome them all, the sad fact is many are desperately searching for help because they have received notice of foreclosure proceedings against them.

They are frequently in difficulty due to increased mortgage payments caused by rising interest on adjustable rate loans (ARM). These increased mortgage payments are forcing many toward foreclosure and what is known as a "short sale." It is called a short sale, because the money from the sale of the home, is short of what is owed. It is a no-win situation for both borrower and lender. We can help.

Frequently, borrowers panic when they get that first foreclosure notice, instead of either calling the lender on their own to ask for more time or for help, or by consulting an attorney experienced in this area of law. We have helped many homeowners in exactly these kinds of situations and we may be able to help you. There is no charge for finding out.

The lenders do not want to foreclose on you any more than you want to be forced out of your home. Often there is room for negotiation that will involve compromise on the part of both sides. That's exactly where our skilled and experienced staff can help most. But start early, do not delay.

The worst thing a homeowner who gets the initial notice of foreclosure can do, is fail to communicate with the lender. Yet, many homeowners simply panic, hide, clam up or do nothing when the foreclosure notice arrives.

If you feel you can no longer support the payment on your mortgage and you are in danger of losing your home, we are available to discuss your situation and to help you find out what your options are. Often we can intervene on your behalf and negotiate settlements with lenders. In many cases our fees are included in the lender's expenses.

We recognize the stress and pain that comes from foreclosure. Our staff is experienced in handling these problems for clients. Often, just knowing exactly what the procedures are and the timetable for what will happen next are an enormous source of comfort. It is the unknown that is so scary. Please read our guide on short sales above.

Call 781-782-6000 or 877-325-6746 to speak with one of our experienced Massachusetts short sale lawyers.

 

 

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For better or worse we have a growing short sale specialty practice group, helping homeowners solve the problems associated with being 'upside down' on their home mortgages through short sales, deed in lieu transactions and arranging private sales.  Call us for a free consultation at 781-729-0313 to discuss.  There is no fee for the call and often our legal fees can be paid by your lender in the short sale.  Best wishes in the new year.

What is a Short Sale

• When a lender accepts a discount on a mortgage to avoid a foreclosure or bankruptcy

Why a Lender Would Take a Discount

• They do not like excess inventory or bad loans on their books
• Loss mitigators have incentive to clear up defaulted loans - short sales help do that
• Lenders know they can lose more money if a home goes to auction

Lender "Short Sale" Factors

• Whether the seller deserves a break due to: financial hardship caused by unforeseen circumstances (layoffs, divorce, illness, etc.)
• Whether it would be cheaper to repossess the home, fix and sell
• How many other properties the lender has in default
• If co-signers are on the loan and can help pay the mortgage balance

The Short Sale Process

• Acquire a professional (such as a real estate attorney) with short sale experience
• Contact the lenders 'loss mitigation department' to discuss the possibility of a short sale and determine the lenders process for completing the sale. This sometimes involves acquiring a 'Short Sale' or 'workout' packet
• Seller must issue a signed 'Release' or 'Authorization to Release Information' to authorize the release of personal information about the loan and the property for the buyer or escrow agency
• Lender will review the settlement statement indicating: sale price, loan balance, expenses, commissions and fees associated with closing the sale
• Seller must complete a 'hardship letter' explaining the reason for wanting a short sale. The letter should include all information regarding the financial circumstances of the seller along with bank statements, investment account information, pay stubs and other necessary financial information
• The lender will connect with the broker to provide a price opinion based on the condition of the home, market value, maintenance costs, etc.
• The lender reviews the purchase agreement and real estate commissions and weighs them against the cost of repossessing the home to sell or auction
• If the lender finds the situation works in their favor, the short sale will proceed with the terms negotiated in the purchase and sale agreement.

Short Sale Mistakes to Avoid

• Don't low-ball your offer. Lenders are trying to minimize loss and have a good sense of property values so make your offer as tempting as you can while staying inside your profit guidelines
• Have a knowledgeable short sales professional on your side. Lenders are busy and do not have time to explain the process so make sure you know what you are doing, or find someone (like a real estate attorney or a broker with short sale experience) who does
• Don't assume each lenders short sale process is the same. Each lender has different documents, requirements and regulations so don't foul up by making assumptions
• The fewer loans on the property - the smoother the short sale process. Avoid complicating an already complex process by  having a good handle on what's owed on the home.

Why Short Sale Knowledge is Important for Brokers and Real Estate Agents

• You can recognize  the opportunity to sell a home and receive commission on a home that would otherwise be repossessed by the lender or auctioned
• To develop a favorable reputation among potential buyers (who stand to purchase a discounted home with a short sale) and among sellers (who will no longer go into foreclosure or declare bankruptcy)

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October is my favorite month of the year for estate planning. It is the essence of fall. It is the gateway to winter and analogously, to the Winter of our lives.

October as a time of reflection on life is not lost on Major League Baseball. MLB's slogan for October is "I Life for This". Well, I don't. I mean, I do love baseball. I love the Red Sox. I especially love October baseball. But I don't live for 18 men playing ball for millions of dollars. Baseball is a pastime.

What do we live for? Elders, facing the scourge of aging and the loss of those dear to them, lose clear reasons to live. It is not uncommon for me, when visiting an elderly client at a nursing home, to hear weak voices telling anyone who will listen they want to die.

We live for hope. We live for tomorrow. Without that, death is a comfortable option. What's bothering me is the power of the media, America, Inc., and the organized establishment's role in shaping what they thing retirement and aging should look like for millions of Americans. They employ a cadre of image and word specialists to create viewers, customers and members of organizations.

Take AARP, which after an odd name change, no longer stands for anything - It's just AARP (rhymes with carp, except in Boston where it rhymes with no work in our vocabulary). It is an organization solely committed to delivering the most efficient database of Americans old enough to obtain personal credit (OK, they have some standards - you need to be of "retirement" age, which is defined as age 50).

AARP is essentially a big insurance agency, a vast department store and pharmacy with a direct mail business for every pill pusher, gadget and ointment and older American needs to make life complete. Their mission is to sell and to promote the sale of all manner of tschochkes they think older Americans need to live a good and active life.

The media likewise are entwined with pharmaceutical giants in an effort to maintain fear in the minds of the aged so they can sell them salves and potions.

My generation rarely watches the evening news. How do I know? Well, frankly, how many of us need Lipitor, Viagra, Zoloff or any other little pill? The media machine's news function is largely sponsored by Merck, Pfizer, Novartis and others pandering their trademarked brand for all that ails you.

Many older people watch the news out of fear the world is coming to an end. And it is. Just not today, or in your hometown of Suburbia, USA. I think all of this careful and manipulative branding of what it means to age in America is going to be lost wholesale to the baby boomer generation's unique perspective on things. For one, improved health and increased personal debt will keep them in the workforce for many more years. Retirement, what's that?

Technological connections and improved access to information should help boomers comparison shop for services and test the vapid claims of unscrupulous salesmen.

Last, boomers are tired of being boomers. Seriously, how many times do you need to hear you were the product of your parents' pent-up sexual energy, after years of war in foreign lands? These people were rock'n rollers, hippies, yippies, yuppies, dinks and now boomers. They have had enough of labels. I'm looking forward to watching boomers break the media-imposed aging model AARP and the pharmaceutical machine has so carefully created for them.

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Gosselin Law assists homeowners in Massachusetts and New Hampshire negotiate effective short sale, deed in lieu and other foreclosure alternatives. Call us toll free at 877-325-6746 for a no fee consultation. No fee is due unless homeowners complete a short sale. Here are some tips to help homeowners facing foreclosures. Note that we only provide our services in Massachusetts and New Hampshire.

What is a Short Sale

• When a lender accepts a discount on a mortgage to avoid a foreclosure or bankruptcy

Why a Lender Would Take a Discount

• They do not like excess inventory or bad loans on their books
• Loss mitigators have incentive to clear up defaulted loans - short sales help do that
• Lenders know they can lose more money if a home goes to auction

Lender "Short Sale" Factors

• Whether the seller deserves a break due to: financial hardship caused by unforeseen circumstances (layoffs, divorce, illness, etc.)
• Whether it would be cheaper to repossess the home, fix and sell
• How many other properties the lender has in default
• If co-signers are on the loan and can help pay the mortgage balance

The Short Sale Process

• Acquire a professional (such as a real estate attorney) with short sale experience
• Contact the lenders 'loss mitigation department' to discuss the possibility of a short sale and determine the lenders process for completing the sale. This sometimes involves acquiring a 'Short Sale' or 'workout' packet
• Seller must issue a signed 'Release' or 'Authorization to Release Information' to authorize the release of personal information about the loan and the property for the buyer or escrow agency
• Lender will review the settlement statement indicating: sale price, loan balance, expenses, commissions and fees associated with closing the sale
• Seller must complete a 'hardship letter' explaining the reason for wanting a short sale. The letter should include all information regarding the financial circumstances of the seller along with bank statements, investment account information, pay stubs and other necessary financial information
• The lender will connect with the broker to provide a price opinion based on the condition of the home, market value, maintenance costs, etc.
• The lender reviews the purchase agreement and real estate commissions and weighs them against the cost of repossessing the home to sell or auction
• If the lender finds the situation works in their favor, the short sale will proceed with the terms negotiated in the purchase and sale agreement.

Short Sale Mistakes to Avoid

• Don't low-ball your offer. Lenders are trying to minimize loss and have a good sense of property values so make your offer as tempting as you can while staying inside your profit guidelines
• Have a knowledgeable short sales professional on your side. Lenders are busy and do not have time to explain the process so make sure you know what you are doing, or find someone (like a real estate attorney or a broker with short sale experience) who does
• Don't assume each lenders short sale process is the same. Each lender has different documents, requirements and regulations so don't foul up by making assumptions
• The fewer loans on the property - the smoother the short sale process. Avoid complicating an already complex process by  having a good handle on what's owed on the home.

Why Short Sale Knowledge is Important for Brokers and Real Estate Agents

• You can recognize  the opportunity to sell a home and receive commission on a home that would otherwise be repossessed by the lender or auctioned
• To develop a favorable reputation among potential buyers (who stand to purchase a discounted home with a short sale) and among sellers (who will no longer go into foreclosure or declare bankruptcy)

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The word came quickly that he had six weeks to live.  He just woke up with a splitting headache and blurry vision on a Tuesday, a Tuesday like any other Tuesday.  Went to the doctor, had a test or two, and WHOOMP! there was an inoperable tumor the size of a golf ball in his noggin.

The doctors said he would have about two or three weeks during which he could walk around and more or less function normally and then he would be put out of commission by the effects of the morphine and the lack of oxygen needed for his vital brain functions.  Most anyone would start praying or go sky diving, but this gentleman had a very different plan.  Since he could not travel to see the world due to the short amount of time left, the estate planning paperwork to be done and the final goodbyes to family and friends to be said, he instead chose to taste the world.  Yes, he would literally eat until he died.

With a globe as his guide and a close friend as chauffeur, he began to sample cuisines from over thirty countries.  Most of the food came from restaurants located in out-of-the-way places that he had always wanted to try, but much of the food also came from complete strangers who had heard of his plight. 

He did not suffer too much nausea as chemotherapy really was not an option at this point, but he was quite drowsy and lacked appetite much of the time.  This did not stop him from sampling the fiery foods of Cambodia and Laos or the butter-rich baked goods of Finland.  Even in the very last days when his consciousness was only fleeting, his family brought him his favorite foods just so the aroma of boeuf bourguignon or garlic mashed potatoes could comfort him.  He died as he wanted, sampling the world through its foods.

How will you die?  I don't mean 'hit by a bus', 'cancer' or a 'heart attack just like my father' - that's all so pedestrian.  The reaper will take each of us one way or another.  I mean what's your taste in dying?  Will you surround yourself with symphonies and hear the angels as you drift off?  Face the bull and jump from the plane like Tug McGraw?  Or, just sit quietly holding the hand of the one you love?

In my work as an elder law lawyer I am often one of the last people, outside of medical workers and family, that clients see before they die.  For the first years of my practice I soberly played my role as "the lawyer" with my dark suit, briefcase and methodical manner; but now, now I try to engage my clients with the notion that although life will continue on without them, they can be at peace knowing that they have done what they can to protect their loved ones.  I've warmed up to embracing, or at least touching, my dying clients as I  leave their bedsides with their affairs in order.  I whisper my last words into their ears, inaudible to their families, "Everything is in order, don't worry".  For better or worse, many of my very sick clients leave this world shortly thereafter. 

Take a moment and think about hearing that you only have weeks to live.  Have that bag packed in your mind.  Have your affairs in order.  It will let you taste the last bits of life instead of wasting precious time deciding what to pack.

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At one time the general rule for evaluating nursing homes was whether or not there was an overpowering stench of urine when you walked in the door.  I have been to many a nursing home in Massachusetts that failed this simple test.  Beyond this simple measure there are a number of measures that potential nursing home residents and their families can use to judge the suitability of a long term care facility.

To me, the best nursing home is the nursing home that is convenient for the patient's family to visit often.  The patients with the most regular visitors get the best service.  Sort of a spin on the squeaky wheel gets the grease.  The grease in a nursing home could be clean sheets, regular bathing, hot food and little extras (like smiles and a second pudding) that make the reality of long term care more bearable.  Consistent with this thought, the patients who have regular visitors feel more attached to the living world outside of the nursing home - because let's face it, the vast majority of people go to nursing homes to die.  I do not believe in sugar coating the hard truth that nursing homes are the last place our elders see before death.

What else is important in selecting a nursing home?  Beyond the obvious ratio of staff to patient, aesthetic elements and food quality - you need to look deeper. Ask about the turnover ratio, or how long has the staff been in their current positions. Does the facility just meet the professional staff requirements or exceed the minimums required by law? Is there a support group for families? Do patients have a "bill of rights"? Talk to some patients and their families. Ask what is good, bad and ugly about the facility and its administration.

Despite the trauma associated with being discharged from the hospital, it is imperative that families take steps to conduct their own evaluation of nursing facilities. It is possible to transfer, although not always practical, from one nursing home in Massachusetts to another. Ask questions. Act like a customer, not only as a resigned assignee to whatever long term health care facility selected by the discharge planner. Massachusetts has numerous nursing homes each with their strengths and weaknesses. Be as selective as time allows, be critical, be firm.

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A longtime client of the firm bought a house in Cambridge today. He is from a foreign country and is quite fascinated by the American Colonial style of his new home. The house was built about 200 years ago with the usual additions and renovations. It is quite stately and is part of the National Register of Historic Places and just exudes a New England charm. Since he is from another country I thought it appropriate to get him a housewarming gift that had local flavor. Um, a regular and a crueller from Dunkin' Donuts? Oh yeah, right, no more cruellers. They don't even get up to make the donuts anymore. Well I could go to Paine's and get a nice ottoman. Nope. Or Jordan's (not the furniture store) for some blueberry muffins. A nice toaster oven from Lechmere? Gone. This is going to be harder than I thought. A colonial house would do well to have a Paul Revere bowl. You've got me where to buy one that isn't shipped from the other side of the planet. Then it hit me like a big wet fish - a gurgling cod!

For those of you that don't know about the gurgling cod, they are a longstanding Boston tradition sold exclusively by the venerable Boston jeweler, Shreve, Crump & Low. So I called S,C & L: "I'm sorry but we have recently been in bankruptcy and have just been purchased by a new company. We expect to be open shortly. Try our store in Chesnut Hill." At long last I spoke with a real Bostonian (in Chesnut Hill, but close enough), who could ship my client a gurgling cod pitcher. The brand failure in Boston is quite depressing.

Dunkin' Donuts is owned by some gallactic conglomerate, Gillette bows to Cincinatti and P&G, all the banks have now merged so it's like a Fisher Price playset - "Bank" is now the official shortened name (with plans to reduce staff and save signage costs by becoming Bnk). I miss those light blue cans of Friend's beans too. Jordan's Furniture is owned by Warren Buffett - he can afford all those Jordan's Furniture Red Sox rebates. Quaint Bostonian shops in the Faneuil Hall marketplace? The Gap, Williams-Sonoma, The Sharper Image..... At least Legal Seafoods hasn't lost its Boston roots like the 99, Friday's and Bertucci's. As a seventh generation Bostonian (the first born outside the city limits), I wish we could preserve some of our business institutions, otherwise I guess we should just all move to Florida. At least I can go to downtown crossing have a frappe at Woolworth & Co. and stop by Filene's Basement......OH FORGET IT!

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I'll admit publicly to watching the following programs on a somewhat regular basis (normally by TiVo): 24; Prison Break; Heroes; Sopranos; CSI:Miami; CSI:Vegas. I will neither admit or deny regularly watching: Grey's Anatomy; Ugly Betty; and Lost. I would never admit to ever watching Desperate Housewives, except every time it's on a Sunday night. I don't watch any lawyer programs, I get enough law firm drama at work.

A couple weeks ago there was a Desperate Housewives scene that caused me to nearly snort my diet ginger ale through my nose. The blonde bombshell, Edie, who is a real estate broker and generally heartless persona found a paramour in the recently divorced Carlos. The only problem is that Edie has a child living in her home that isn't ready to know about his Mom's extracurricular activities and Carlos has a roommate that wouldn't quite understand. So Edie and Carlos needed a place to call their own for their afternoon trysts. Edie's plan? Well, of course, she has keys to the finest homes in town! Yes, that's right, Edie and Carlos toured the master bedrooms of several of "Fairview's" lovely Stepford-like homes in the pursuit of purient joy. It's no secret how I feel about conniving, dishonest real estate brokers. Check out my cover story interview in Boston Magazine . As a result, I've become an effigy for many real estate brokers in Massachusetts - hey, if the shoe fits wear it. Not all real estate brokers in Massachusetts are bad, but the bad real estate brokers are out there. What's the best way to work with a real estate broker?

On the homebuying side, my advice is to focus on publicly available information first, like Realtor.com or even Craigslist for information about what homes are on the market. From there I recommend finding a real estate broker to represent you in the transaction, it won't cost you anything out-of-pocket and it will put someone between you and the listing agent who is clearly not working in your best interest. The buyer broker is paid normally 1/2 of the commission on the property - this could be as much as $15,000 for merely turning a key in a lock on a typical $600,000 house. My suggestion is to ask the real estate broker to rebate part of their commission to you in the form of a closing credit to help offset lender closing costs, attorney fees, moving expenses, etc. There are new companies popping up all the time that offer some variation of this program or another. So long as you have done your own homework on the neighborhood and hired a competent home inspector and real estate lawyer to keep things legit, there's no need to pay the full commission.

So you need to sell a house? Here's where my legal advice might surprise you: pay the commission, the whole, whopping 5% (which is typical for most properties, could be 4% or 6% under different circumstances). Why? Well, in today's real estate market in Massachusetts there is so much competition that your real estate broker must have sufficient financial resources to advertise and market your property beyond merely listing it on MLS. But if they all charge the same rate how to pick a good broker? First off, don't hire your friend, mother-in-law or cousin's first husband to list your house. See The Gosselin Theory of Relativity for a detailed explanation. Second, don't be the real estate broker's first listing - hire an experienced real estate broker along with an experienced real estate lawyer. Last, and most importantly, have an entire cup of coffee with your real estate broker in your kitchen and make sure that the real estate broker is the kind human that you like to spend time with, because at the end of the day the real estate broker is in the people business and you want good people representing you.

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October is my favorite month of the year for estate planning. It is the essence of fall. It is the gateway to winter and analogously, to the Winter of our lives.

October as a time of reflection on life is not lost on Major League Baseball. MLB's slogan for October is "I Life for This". Well, I don't. I mean, I do love baseball. I love the Red Sox. I especially love October baseball. But I don't live for 18 men playing ball for millions of dollars. Baseball is a pastime.

What do we live for? Elders, facing the scourge of aging and the loss of those dear to them, lose clear reasons to live. It is not uncommon for me, when visiting an elderly client at a nursing home, to hear weak voices telling anyone who will listen they want to die.

We live for hope. We live for tomorrow. Without that, death is a comfortable option. What's bothering me is the power of the media, America, Inc., and the organized establishment's role in shaping what they thing retirement and aging should look like for millions of Americans. They employ a cadre of image and word specialists to create viewers, customers and members of organizations.

Take AARP, which after an odd name change, no longer stands for anything - It's just AARP (rhymes with carp, except in Boston where it rhymes with no work in our vocabulary). It is an organization solely committed to delivering the most efficient database of Americans old enough to obtain personal credit (OK, they have some standards - you need to be of "retirement" age, which is defined as age 50).

AARP is essentially a big insurance agency, a vast department store and pharmacy with a direct mail business for every pill pusher, gadget and ointment and older American needs to make life complete. Their mission is to sell and to promote the sale of all manner of tschochkes they think older Americans need to live a good and active life.

The media likewise are entwined with pharmaceutical giants in an effort to maintain fear in the minds of the aged so they can sell them salves and potions.

My generation rarely watches the evening news. How do I know? Well, frankly, how many of us need Lipitor, Viagra, Zoloff or any other little pill? The media machine's news function is largely sponsored by Merck, Pfizer, Novartis and others pandering their trademarked brand for all that ails you.

Many older people watch the news out of fear the world is coming to an end. And it is. Just not today, or in your hometown of Suburbia, USA. I think all of this careful and manipulative branding of what it means to age in America is going to be lost wholesale to the baby boomer generation's unique perspective on things. For one, improved health and increased personal debt will keep them in the workforce for many more years. Retirement, what's that?

Technological connections and improved access to information should help boomers comparison shop for services and test the vapid claims of unscrupulous salesmen.

Last, boomers are tired of being boomers. Seriously, how many times do you need to hear you were the product of your parents' pent-up sexual energy, after years of war in foreign lands? These people were rock'n rollers, hippies, yippies, yuppies, dinks and now boomers. They have had enough of labels. I'm looking forward to watching boomers break the media-imposed aging model AARP and the pharmaceutical machine has so carefully created for them.