On September 11th. last week, I was the guest speaker at Adult Protective Services, a division of the Human Services Agency in the County of Ventura, CA. Because I am a Reverse loan consultant and I meet with seniors regularly, I have made it a point to become better informed as to the issue of senior abuse.
The Adult Protective Services (APS) provides information and protection not only for the senior community but also for children and dependent adults that may have physical or mental limitations and could experience financial or physical abuse. Their services are free of charge to the community and are mandated by law.
Originally I was to speak only about 30 minutes on Reverse loans but there were so many questions that the time ran over and I still wasn’t able to cover all of the important information and benefits that can be gained from using a Reverse loan and how it can have a positive impact on a senior’s quality of life.
Many of the questions concerned loan amounts, interest rates, costs and how the money could be used, MediCal and the heirs. I answered these questions as throughly as possible but there were more areas that we didn’t get to.
One of those being the issues of seniors losing their homes through foreclosures. It’s very important to know that if they are in the process of a foreclosure, a Reverse loan can be used to pay off the existing mortgage debt and save the homeowner from losing their home.
I will continue this topic in the next post.