Quote:
Originally Posted by raymo
I only have limited sympathy for owners of very valuable homes who are cash poor. They should have long ago got a reverse mortgage, which would
have given them a large amount of cash to live a comfortable life on, and stay in their home until they die, when it is transferred to the ownership of the
Finance provider, and the balance of the cash would go to the estate's heirs.
Two of my friends did it about 15yrs ago, and have never looked back.
This wouldn't work for people who have the misguided idea that their
children must be provided for by leaving the house to them.
I imagine that plenty of people will disagree with my point of view.
Oops! sorry, hijack alert.
raymo
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Raymo, I could not agree more. In fact perhaps it is time to either bring in an inheritance tax, or perhaps some form of recovery for the cost of the age pension from a person's assets when they die.