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Eldercare
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[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] That sucks but is due to having bought a much less stable piece of real estate. As long as OP buys a regular home in a reasonably popular neighborhood, that's unlikely to happen. You can also guard against this issue by doing a shorter mortgage term. If OP is 60, a 15 year mortgage is unlikely to get left to heirs.[/quote]
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