I’m a former mortgage loan officer. From what I understand of these loans, they can sometimes be a benefit for a person over 62. IIRC, the borrower is given a lump sum or annuity, based on age and equity in the home. The senior(s) no longer have to make payments on the house, and the bank cannot take back the house until both seniors (in the case of a couple) have passed away. Borrowers must be counseled by a third party before taking out the loan, which is government regulated.
okay, so who cares about a "legacy"?.....well I do.....my folks left what they could,not a zillion dollars but very much appreciated I can tell you that.....I want to do the same if not more for my children.....
when my 401K and Roths are shot, at least there will be the house.....
on a philosophical note, it used to be that generations looked out for one another....that grandma and grandpa as much as they could helped the youngun's with college, first house, etc etc.....in return, the youngun's looked after the seniors....
that seems to be gone down the drain now...