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That's the fun part about all of this. Boomers bought their houses for $30k in the 80s and today they're worth $3M. Sounds like they are set up comfortably for

That's the fun part about all of this. Boomers bought their houses for $30k in the 80s and today they're worth $3M. Sounds like they are set up comfortably for retirement and their millennial kids, who are pushing 40 and haven't been able to afford a house yet, are in for a nice inheritance. Wrong! Because while their house is worth $3M, it will be fully leveraged to pay for the cost of their deathcare. Mom and dad will die broke in a retirement home, and your inheritance will be paying for their funeral out of your own pocket.

jerlam 1y ago
Parents gotta transfer all their money to the kids, and then apply for government assistant because on paper, the parents have no money.
- ryandrake 1y ago
  Look up Filial responsibility laws[1]. They're always looking for legal ways to sponge up that wealth. 1: https://en.wikipedia.org/wiki/Filial_responsibility_laws https://en.wikipedia.org/wiki/Filial_responsibility_laws
  - jrs235 1y ago
    How does that work? If the parents live in a filial state but the children don't?
ryandrake 1y ago
Yea, reverse mortgages are yet another underhanded scheme to harvest what remains of the elderly's wealth. Some CEO somewhere said "Well, we've already found a way to drain their health savings, their retirement and pension... what else can we get our hands on?" and poof! The Reverse Mortgage! They're not going to stop until they make debt inheritable, so they can soak the next generation before they even retire.
- ModernMech 1y ago
  Oh yeah, and then there's those commercials you see on the channels with a 55+ viewership. They're selling things like this: https://www.ovidlife.com https://www.ovidlife.com "Sell Your Life Insurance Policy. Turn your life insurance policy into an immediate cash payout" next to a picture of seniors vacationing on a yacht. Then they bring out Tom Selleck who looks in the camera and says "Would I lie to you? You can trust me!"

jerlam 1y ago

Parents gotta transfer all their money to the kids, and then apply for government assistant because on paper, the parents have no money.

ryandrake 1y ago
Look up Filial responsibility laws[1]. They're always looking for legal ways to sponge up that wealth. 1: https://en.wikipedia.org/wiki/Filial_responsibility_laws https://en.wikipedia.org/wiki/Filial_responsibility_laws
- jrs235 1y ago
  How does that work? If the parents live in a filial state but the children don't?

ryandrake 1y ago

Yea, reverse mortgages are yet another underhanded scheme to harvest what remains of the elderly's wealth. Some CEO somewhere said "Well, we've already found a way to drain their health savings, their retirement and pension... what else can we get our hands on?" and poof! The Reverse Mortgage! They're not going to stop until they make debt inheritable, so they can soak the next generation before they even retire.

ModernMech 1y ago
Oh yeah, and then there's those commercials you see on the channels with a 55+ viewership. They're selling things like this: https://www.ovidlife.com https://www.ovidlife.com "Sell Your Life Insurance Policy. Turn your life insurance policy into an immediate cash payout" next to a picture of seniors vacationing on a yacht. Then they bring out Tom Selleck who looks in the camera and says "Would I lie to you? You can trust me!"