Quote:
Originally Posted by Hondaracer
What?
That’s exactly what it’s for.. people who can’t afford the taxes.. pay them once you sell? lol
The amount of interest paid on these deferred taxes is -nothing- there is a reason why this is only available to 55+ because it’s cheaper to have them live in their home then it is to find suitable living situations for them.
People deferring taxes shouldn’t be worried about that picking away from their kid’s inheritance, it’s creating the ability to stay in your home.
By the sounds of MG1 situation his house must be worth more than the threshold for the grants, which means it’s 2+ million.
If you can’t afford to pay the property taxes and you’re not willing to defer them in order to stay in your home, you should then be selling. (Not saying this is you MG1) but frankly, it’s fucking insane when you see some old fuck on the west side who’s home is worth 5 million and they are complaining about the taxes.. there is literally every avenue for you to avoid them and you’ve gained SUBSTANTIAL wealth by doing absolutely nothing in the meantime. Either do a reverse mortgage or move.
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Truth. I'm not a proponent of property tax deferrals, I think there will be a lot more listings if we didnt have this program. But I know shitbag kids that wont let their parents downsize or reverse mortgage and enjoy their golden years cause it eats into their inheritance.