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A deferment should be allowed for anyone on one primary residence. Then it isn't a carve out just for boomers. Also, the deferment doesn't mean the taxes don'
by ensignavenger 3y ago
A deferment should be allowed for anyone on one primary residence. Then it isn't a carve out just for boomers. Also, the deferment doesn't mean the taxes don't get paid- they just don't have to be paid until the person moves out or transfers the property (or dies, which triggers a transfer).
- eru 3y agoA deferment isn't necessary. Banks are happy to do that kind of financial transformation for you via a reverse mortgage. (However, it might still be a vote winner. Voters aren't exactly the brightest.)
- ensignavenger 3y agoReverse mortgages are generally only available in the US after you reach a certain age.
- eru 3y agoInteresting. Is that due to federal or state regulation? Or a choice by the banks?
- ensignavenger 3y agoI am not sure, it seems to be a combination. The FHA requires the homeowner to be 62 or older for an FHA reverse mortgage. I have never seen a private reverse mortgage advertised, but apparently they exist and from what I have read online, are offereed to those as young as 55- but apparently are marketed to those with fairly expensive homes.