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State and federal policymakers should improve disclosures to help borrowers understand the complexities of reverse mortgages.
The federal government should provide sufficient funding to pay for required HECM counseling. HUD should ensure that this counseling is high-quality.
Reverse mortgage proceeds should not affect homeowners’ eligibility for public benefit programs.
Policymakers should ensure that reverse mortgage servicers are not engaging in unfair, deceptive, or abusive practices.
Servicers should be required to provide loss mitigation options to HECM borrowers.
Congress should reauthorize the Elder Justice Act (EJA). It should fully fund the EJA and other programs that address elder abuse.
Policymakers should devise Silver Alert programs to alert the public to missing older adults with appropriate protections and limitations.
The subject of an alert must:
States should simplify estate planning. This includes allowing the use of electronic wills or trusts to govern the distribution of property at death.