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Grandma is a millionaire. She can take out a reverse mortgage to pay her taxes and she'll still be a millionaire. Or she can agree to a lien that pays her taxes
by bcatanzaro 4y ago
Grandma is a millionaire. She can take out a reverse mortgage to pay her taxes and she'll still be a millionaire. Or she can agree to a lien that pays her taxes upon her death or move. We don't need to worry about grandma losing her house.
- jen20 4y agoYou do have to worry about working families losing their houses in gentrifying areas though. The UK gets "property" tax right in the form of council tax. It's low, paid for by the person living in the property, and often is punitively high for the owners of empty properties. When people say that the US is a "low tax economy" they seem to forget property taxes, which make the effective rate in almost _all_ US states higher than the UK (and much of the rest of Europe) if you own a home. It's just a "poor value for money" economy instead.
- nomel 4y ago> Grandma is a millionaire. You must come from a privileged family.
- rcoveson 4y agoIn California, being a millionaire at "grandma" age is no more privileged than average.
- dragonwriter 4y ago> In California, being a millionaire at "grandma" age is no more privileged than average. [citation needed]
- bcatanzaro 4y agoThe only reason to say grandma can’t pay her property tax is because grandma’s house has appreciated substantially and now grandma is wealthy. Wealthy people should pay their taxes.