Several of my elderly pals have put reverse mortgages on their houses, which had been paid off,so they can live with better medical choices and some comfort until they die. I see a lot of unattended houses/yards on lots...often wonder if the remaining resident is in care, while the lender waits for them to die so they can claim their house. It’s so unfortunate that their children get deprived of inheritance from their parents when the family home is basically then owned by the lender.
“It’s so unfortunate that their children get deprived of inheritance from their parents ...”
The alternative may have been that the children had to pay for their parents’ nursing-home care (or watch them go to one of those grim facilities populated by Medicare/Medicaid patients).
That is not a problem in most parts of California.
If you last 10 years after your reverse mortgage is in effect, there should be a fair size egg left over.
Also, our prop 13 keeps our property taxes at basically the same.
a financial analyst I respect said, always take care of family, never send to a home, it is cheaper to pay for care to come in, build on, than to pay for care.