![Page 1: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/1.jpg)
Presenters: Julie Schoen, Esq. and Shawna Reeves, MSW
December 12, 2011 11:00 am – 12:00 pm Webinar hosted by Center of Excellence on Elder Abuse & Neglect at UC Irvine
Stopping Elder Financial Abuse: Promising Practices and How to Bring Them to Your Community
![Page 2: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/2.jpg)
Cheap and Easy Ways to “Guerilla Market”
Your Elder Financial Protection Concepts
![Page 3: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/3.jpg)
Are you short on cash?
![Page 4: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/4.jpg)
Is the sky blue?
![Page 5: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/5.jpg)
There is still hope for you!!
![Page 6: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/6.jpg)
There is still hope for you!!
• Pricey ≠ Success! – What are you marketing exactly?
– Who is your audience?
– Pamphlets v. flyers v. press releases
– Useful distribution channels
![Page 7: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/7.jpg)
There is still hope for you!!
• Pricey ≠ Success! – What are you marketing exactly?
– Who is your audience?
– Pamphlets v. flyers v. press releases
– Useful distribution channels
• Senior Center Newsletters, etc. – Blurbs are best
– Vignettes are powerful
– Pre-established readership, trust
– No-cost!
![Page 8: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/8.jpg)
There is still hope for you!!
• Pricey ≠ Success! – What are you marketing exactly?
– Who is your audience?
– Pamphlets v. flyers v. press releases
– Useful distribution channels
• Senior Center Newsletters, etc. – Blurbs are best
– Vignettes are powerful
– Pre-established readership, trust
– No-cost!
– NO COST!
![Page 9: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/9.jpg)
There is still hope for you!!
• Pricey ≠ Success! – What are you marketing exactly?
– Who is your audience?
– Pamphlets v. flyers v. press releases
– Useful distribution channels
• Senior Center Newsletters, etc. – Blurbs are best
– Vignettes are powerful
– Pre-established readership, trust
– No-cost!
– NO COST!
• “Think Like a Scammer”
– Info that is simple, relevant
– Go to where the seniors are
– Affinity networking
![Page 10: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/10.jpg)
Hungry for more?
Reeves, S., & Wysong, J. (2010). Strategies to address financial abuse, Journal of Elder Abuse & Neglect, 22(3), 328 – 334.
Reeves, S. (2011). Three simple ways you can prevent elder abuse. American Society on Aging: http://www.asaging.org/blog/three-simple-ways-you-can-prevent-elder-financial-abuse
![Page 11: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/11.jpg)
But wait….
• What about a FAST/MDT???
![Page 12: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/12.jpg)
Blocking financial predators from senior centers
![Page 13: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/13.jpg)
Blocking financial predators from senior centers
aka… “There are
scammers in the senior centers?!”
![Page 14: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/14.jpg)
Examples
![Page 15: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/15.jpg)
Examples
How big is this problem?
![Page 16: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/16.jpg)
Examples
How big is this problem?
In 2007 the Securities and Exchange Commission investigated 110 senior financial seminars and found that 100% of them were in fact sales presentations.
* Securities and Exchange Commission (2007, September). Protecting senior investors: Report on examinations of securities firms providing “Free Lunch” sales seminars.
![Page 17: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/17.jpg)
Examples
How big is this problem?
What do we do about it?
In 2007 the Securities and Exchange Commission investigated 110 senior financial seminars and found that 100% of them were in fact sales presentations.
* Securities and Exchange Commission (2007, September). Protecting senior investors: Report on examinations of securities firms providing “Free Lunch” sales seminars.
![Page 18: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/18.jpg)
Enter the SENIOR CENTER PROTECTION PLAN
![Page 19: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/19.jpg)
Enter the SENIOR CENTER PROTECTION PLAN
• Facilities Use Guidelines created by Steven Riess, Esq.
![Page 20: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/20.jpg)
Enter the SENIOR CENTER PROTECTION PLAN
• Facilities Use Guidelines created by Steven Riess, Esq.
• Introducing the Senior Center Protection “Think Tank” – Prescott Cole, senior attorney at California Advocates
for Nursing Home Reform – Neil Granger, licensed life insurance agent and expert
witness on annuities and long-term care insurance – Yours Truly
![Page 21: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/21.jpg)
Enter the SENIOR CENTER PROTECTION PLAN
• Facilities Use Guidelines created by Steven Riess, Esq.
• Introducing the Senior Center Protection “Think Tank” – Prescott Cole, senior attorney at California Advocates
for Nursing Home Reform – Neil Granger, licensed life insurance agent and expert
witness on annuities and long-term care insurance – Yours Truly
• The story behind the plan (“Trojan Horse” scammer hits San Jose)
![Page 22: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/22.jpg)
Enter the SENIOR CENTER PROTECTION PLAN
• Facilities Use Guidelines created by Steven Riess, Esq.
• Introducing the Senior Center Protection “Think Tank” – Prescott Cole, senior attorney at California Advocates
for Nursing Home Reform – Neil Granger, licensed life insurance agent and expert
witness on annuities and long-term care insurance – Yours Truly
• The story behind the plan (“Trojan Horse” scammer hits San Jose)
• How the SCPP brings transparency instead of censorship
![Page 23: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/23.jpg)
Want more information on the SENIOR CENTER PROTECTION PLAN?
![Page 24: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/24.jpg)
Want more information on the SENIOR CENTER PROTECTION PLAN? See: http://www.centeronelderabuse.org/docs/ElderAbuseinHomeLendingProtection.doc
![Page 25: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/25.jpg)
Want more information on the SENIOR CENTER PROTECTION PLAN? See: http://www.centeronelderabuse.org/docs/ElderAbuseinHomeLendingProtection.doc And: �http://riesslaw.com/EFAR/04_Articles_And_Comments/Senior_Center_Protection/Senior_Center_Use_Guidelines.pdf
![Page 26: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/26.jpg)
Want more information on the SENIOR CENTER PROTECTION PLAN? See: http://www.centeronelderabuse.org/docs/ElderAbuseinHomeLendingProtection.doc And: �http://riesslaw.com/EFAR/04_Articles_And_Comments/Senior_Center_Protection/Senior_Center_Use_Guidelines.pdf Then… CALL ME!
![Page 27: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/27.jpg)
Want more information on the SENIOR CENTER PROTECTION PLAN? See: http://www.centeronelderabuse.org/docs/ElderAbuseinHomeLendingProtection.doc And: �http://riesslaw.com/EFAR/04_Articles_And_Comments/Senior_Center_Protection/Senior_Center_Use_Guidelines.pdf Then… CALL ME! NO, REALLY!
![Page 28: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/28.jpg)
Benefits of Financial Elder Abuse Specialist Teams and………… Tips on Using them
![Page 29: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/29.jpg)
Case Example
![Page 30: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/30.jpg)
Expenses in setting up a FAST
• Several FASTs are completely volunteer based
• Most effective to have some level of paid coordination to keep the agenda moving forward
![Page 31: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/31.jpg)
Effectiveness of FAST
• Definite benefit to the affiliate agencies
– Ombudsman
– APS
• Educational resource to the community
• Conduit for Change
![Page 32: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/32.jpg)
Reverse Mortgage Protection
![Page 33: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/33.jpg)
Reverse Mortgage Protection
• What is a reverse mortgage?
![Page 34: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/34.jpg)
Reverse Mortgage Protection
• What is a reverse mortgage?
• Why have reverse mortgages been getting so much heat in the press lately?
![Page 35: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/35.jpg)
Reverse Mortgage Protection
• What is a reverse mortgage?
• Why have reverse mortgages been getting so much heat in the press lately?
• What should seniors know about reverse mortgages?
![Page 36: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/36.jpg)
Reverse Mortgage Protection
• What is a reverse mortgage?
• Why have reverse mortgages been getting so much heat in the press lately?
• What should seniors know about reverse mortgages?
• What are the alternatives to reverse mortgages?
![Page 37: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/37.jpg)
Reverse Mortgage Protection
• What is a reverse mortgage?
• Why have reverse mortgages been getting so much heat in the press lately?
• What should seniors know about reverse mortgages?
• What are the alternatives to reverse mortgages?
• Where can I go for more information?
![Page 38: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/38.jpg)
Reverse Mortgage 411
Garcia, N.P., Cole, P., & Reeves, S. (2010). Faulty foundations in today’s reverse mortgages. Consumers Union: www.consumersunion.org/pdf/reverse-mortgage-report-2010.pdf
![Page 39: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/39.jpg)
Reverse Mortgage 411
Garcia, N.P., Cole, P., & Reeves, S. (2010). Faulty foundations in today’s reverse mortgages. Consumers Union: www.consumersunion.org/pdf/reverse-mortgage-report-2010.pdf
Don’t care to read a 37 page policy report?
![Page 40: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/40.jpg)
Reverse Mortgage 411
Garcia, N.P., Cole, P., & Reeves, S. (2010). Faulty foundations in today’s reverse mortgages. Consumers Union: www.consumersunion.org/pdf/reverse-mortgage-report-2010.pdf
Don’t care to read a 37 page policy report?
2-page press release:
http://www.consumersunion.org/pub/core_financial_services/017190.html
2-page consumer fact sheet:
http://www.consumersunion.org/pub/core_financial_services/017189.html
![Page 41: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/41.jpg)
Reverse Mortgage 411
Garcia, N.P., Cole, P., & Reeves, S. (2010). Faulty foundations in today’s reverse mortgages. Consumers Union: www.consumersunion.org/pdf/reverse-mortgage-report-2010.pdf
Don’t care to read a 37 page policy report?
2-page press release:
http://www.consumersunion.org/pub/core_financial_services/017190.html
2-page consumer fact sheet:
http://www.consumersunion.org/pub/core_financial_services/017189.html
See also:
http://www.centeronelderabuse.org/docs/Reverse_Mortgage_Letter.doc
![Page 42: Stopping Elder Financial Abuse: Promising Practices and ... · Reverse Mortgage Protection •What is a reverse mortgage? •Why have reverse mortgages been getting so much heat in](https://reader034.vdocuments.mx/reader034/viewer/2022050420/5f8fa81ac650b204ff09bf80/html5/thumbnails/42.jpg)
Thank you
• Shawna Reeves, MSW
• Julie Schoen, Esq
• The Archstone Foundation
• Participants
Please share your feedback using our short online survey
http://www.surveymonkey.com/s/StoppingFinancialAbuse