Cole, Prescott — Greed is Now Respectable, Part Two: Reverse Mortgages and Annuities
In part two in our series, “Greed is Now Respectable,” we visit again with Attorney Prescott Cole, employed by California Advocates for Nursing Home Reform, or “Canhr,” a non-profit agency based in San Francisco, California. The goal of California Advocates for Nursing Home Reform is long term care, justice and advocacy. Their website, canhr.org, has sections on Elder Abuse and Elder Financial Abuse, Medi-Cal for Long Term Care, Finding a Nursing Home, Lawyer Referral, among many other related topics. The CANHR phone number within California is (800) 474-1116, and outside of California it is (415) 974-5171.
Our conversation with Attorney Prescott Cole was recorded from his office in San Francisco on June 9, 2011. We discuss what a reverse mortgage is and the grave and potential economic and social consequences to which purchasers of a reverse mortgage are exposed. We talk about annuities, what they are, what they cost, and why an annuity is a poor investment for seniors. We include a discussion of how Veterans eligible for aid benefits have been lured into giving away their assets in an attempt to become eligible for the aid benefits.
We began our conversation when I asked Precott Cole to tell us about reverse mortgages.
The books Prescott Cole recommends are those written by P.G. Wodehouse, about Jeeves the Butler.
The website for California Advocates for Nursing Home Reform is canhr.org.
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