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Parents do take out equity to co-sign college loans. Or HELOC's to pay for their assisted-living. So the transfer is from boomers to doctors, banks, and schoo
by Digory 7y ago
Parents do take out equity to co-sign college loans. Or HELOC's to pay for their assisted-living.
So the transfer is from boomers to doctors, banks, and schools.
But I agree that in the anecdotes I hear about, kids of boomers rarely get property free-and-clear.
- killjoywashere 7y ago> HELOC's to pay for their assisted-living. So the transfer is from boomers to doctors Eh, I did some work for nic.org. Assisted living is a real estate game, and the market reports are identical to apartment market reports. The medical bills go to Medicare and private insurance. Doctors aren't getting rich off Granny reverse mortgaging her house. Unless said doctors own an assisted living facility, preferably in one of the 30 major MSAs. I vaguely recall Florida being particularly attractive.
- Digory 7y agoTrue, not HELOCs. I was thinking of Medicaid spend downs there. It's been a few years since I've looked at it, but if you needed nursing home care, the typical advice was to spend down your assets in a hurry to qualify for medicaid. And in some circumstances, medicaid could put a lien on your home for post-death repayment of services.