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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 house, while nice, is unsellable. 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] Please read post: House is unsellable. There is no market of buyers.[/quote]
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