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Eldercare
Reply to "Mortgage in retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As the heir of someone with a mortgage, I think you also need to consider your children, if you have any. My ILs live in a "second home" community that has never recovered from the 2008 slowdown. So their [b]house, while nice, is unsellable[/b]. They will die before the mortgage is paid, which leaves us with these possibilities: pay the mortgage ourselves or let the bank take it. Neither is a palatable choice.[/quote] You can sell the home and pay off the mortgage with the proceeds. If the house is underwater, then be happy that they used a mortgage instead of paying cash because that becomes the bank's loss to eat [/quote][/quote]
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