Abstract

http://ssrn.com/abstract=2455979
 


 



Complex Decision-Making and Cognitive Aging Call for Enhanced Protection of Seniors Contemplating Reverse Mortgages


Debra Pogrund Stark


The John Marshall Law School

Jessica M. Choplin


DePaul University

Joseph A. Mikels


DePaul University

Amber Schonbrun McDonnell


The John Marshall Law School

June 17, 2014

Arizona State Law Journal, Vol. 46, 2014

Abstract:     
This article explains what reverse mortgages are and how they work. It also analyzes who could potentially benefit from them, but why this type of loan is so problematic for many seniors. The article then considers steps that can be taken to improve the effectiveness of current federal rules and counseling protocols to enable seniors to make well-informed decisions keeping in mind cognitive barriers and the complicated nature of this loan product.

Because many seniors may not be noticing the high costs associated with federally insured reverse mortgages, many believe these loans are now the product of choice for “predatory lending.”

Number of Pages in PDF File: 66

Keywords: Consumer protection, reverse mortgages, cognitive psychology

JEL Classification: K00

Accepted Paper Series





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Date posted: June 25, 2014  

Suggested Citation

Stark, Debra Pogrund and Choplin , Jessica M. and Mikels, Joseph A. and Schonbrun McDonnell, Amber, Complex Decision-Making and Cognitive Aging Call for Enhanced Protection of Seniors Contemplating Reverse Mortgages (June 17, 2014). Arizona State Law Journal, Vol. 46, 2014. Available at SSRN: http://ssrn.com/abstract=2455979

Contact Information

Debra Pogrund Stark (Contact Author)
The John Marshall Law School ( email )
315 South Plymouth Court
Chicago, IL 60604
United States
Jessica M. Choplin
DePaul University ( email )
United States
773-325-2052 (Phone)
HOME PAGE: http://condor.depaul.edu/~jchoplin
Joseph A. Mikels
DePaul University ( email )
1 East Jackson Blvd.
Chicago, IL 60604
United States
Amber Schonbrun McDonnell
The John Marshall Law School
315 South Plymouth Court
Chicago, IL 60604
United States
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