Quote:
Originally Posted by mswlogo
I know half a dozen families that were "taxed" out of their home in NH over the years. And I know several planning on it. They know they can't afford to stay after they retire. I don't know of any in MA.
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This phenomenon is often misunderstood or overstated. First, many communities have programs designed to let strapped seniors slide on taxes until their house is sold in the future. Second, although many reverse mortgages have been shown to be predatory, today there are reasonable and fair reverse mortgages that allow people to pull equity out of their homes.
Individuals need to do their own homework here, not rely on rando posters (like me). But if an older person's real goal is to stay in their beloved home, there are options available. Of course, if folks are looking at a massive run up in value, and they want the cash, that's cool too. But it's not being taxed out of one's nest.