Financial Abuse & Seniors
August 8th, 2008
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The state of Mississippi has come out with an online Resource Guide to Combating Senior Financial Abuse in Mississippi. While some of the information is state-specific in the sense that laws to combat predatory lending and other types of fraud differ by jurisdiction, the Guide itself has a lot of generic information of value to seniors.
According to the Mississippi AG, “there are usually three reasons why financial elder abuse happens:
“Need or greed –- People who take advantage of elders usually have financial problems or act out of greed.
“Opportunity –- Offenders often have opportunities to obtain an elder’s money or property by pressuring or otherwise influencing them or taking advantage of the trust, discretion or power that has been given to them.
“A sense of entitlement –- Offenders also usually have a false sense of entitlement or, in other words, they believe that they “deserve” the money as the future heir or because they believe that older people in general don’t really need all their money.”
Of particular interest is the material discussing reverse mortgages. The Guide has a balanced review of reverse mortgages, including pros and cons.
For the complete guide, press here.
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