Elder Law

Prior to the enactment of Minnesota’s “trust-busting statute” (Minnesota Statutes section 501B.895), several different trusts were commonly used for Medicaid planning. Revocable trusts—which by definition can be changed or rescinded by the trust maker—never worked for...

A comprehensive estate plan can do more than simply take care of issues which arise when we die.  A good plan can also help you prepare for things that may happen while you are alive. Your plan can help you determine who receives your assets when you die, as well as...

What are the typical costs and fees I will be looking at? According to the Consumer Financial Protection Bureau, reverse mortgages are more expensive than other types of loans. Unlike traditional mortgages, the amount you owe on your reverse mortgage will grow the...

In recent years, HUD reverse mortgage standards have changed. HUD HECM standards have changed during the past decade as a result of massive program losses following the 2008-2009 real estate crash. To cut losses in 2013, HUD limited the amount that HECM borrowers can...

Reverse financing is not “free”. Reverse mortgages have significant costs that include lender fees, FHA insurance charges, closing costs, etc. These costs can be added to the loan balance. However, that means the borrower has more debt and less equity. Interest rates....

Reverse mortgages can help many seniors but are quite expensive. Reverse mortgages can also present significant risks in some cases. All forms of financing have their pros and cons, and reverse mortgages are no exception. Here are some of the key issues to consider...