This article makes complete sense to me, and it's not anything new. The author makes the case that effective federal, state and local policy initiatives are needed that will allow seniors to stay in their homes and age with dignity. Social security needs propped up, Congress needs to take more action to protect seniors.
As for inheritance, I think taxes should be paid on inheritances beginning at $200,000 to any individual or family and rise rapidly from there. That could go to help fund social security and health care for seniors.
From the article
“...“It is disappointing for adult children to discover too late that their parents tapped out the equity of a home that, in some situations, their parents had inherited from their parents. It is tragic when their inheritance disappeared into the coffers of a predatory lender. But what are older homeowners supposed to do in the absence of effective federal, state and local policy initiatives that allow them to age in place with dignity?...”
I don’t think it’s tragic that any equity is tapped out, and I don’t buy that trope of age in place with dignity.
This is one of my pet peeves. Why the hell do we assume elderly people need to be “supported” in their ancient 3000 square-foot house? Why? It is a damn luxurious style of living they can’t afford. They are special or unique just because they are old.
Speaking as a senior citizen myself, I’ve never lived in a 3000 square-foot house. There are 3000+ square-foot houses all over my old Victorian neighborhood where little old people have withered away in their giant decaying house. Some are not even 3000 square-foot, they are 1500 square-foot but they are old and they need constant maintenance.
Interestingly enough, my baby boomer fellow residents are making unique, thoughtful choices to stay in our neighborhood of giant Victorian houses. They are making creative solutions Such as building a new house with everything on the first floor, adding an addition to their Victorian house where everything is on the first floor, building a small carriage house behind their existing Victorian behemoth. These solutions do not include clinging To their giant house in an attempt to keep everything exactly the way it’s always been and refusing to face reality.
I also have friends, people in their mid 80s, who have jettisoned their giant 5000 square-foot house and moved to no maintenance condo ps in our neighborhood. Not surprisingly, these people in their 80s are mentally active and with it and I respect them because They're realists.
My close friend, almost 70 years old, just gave up her city house and moved across the country to buy a 3000 square-foot house out in the country on more than an acre with a reverse mortgage. This is someone who is not at all physically active. She doesn’t know how to maintain a house.She never does yardwork. I think it’s a big mistake for her although she has said out loud she doesn’t care if she leaves a property as part of her estate and I completely support her in that. But I think she will have reality bite her in the ass when that mortgage company does their inspections and points out that she needs $10,000 worth of new windows, that old barn She thinks is so picturesque needs $10,000 worth of maintenance, etc.