Wednesday, September 30, 2015

What To Do With Grandma / Grandpa?

"Again, that's been my experience. Or the experience of a lot of low income people who will tell you how hard it is to come up with the property tax payment." Hiram

Since most young people pay their property tax with their mortgage payment, I assume Hiram is talking about older fixed income folks who have more house than they can now afford, and likely more space than they need.  So what should society do about old folks who want to stay in their home of many years even though the kids are long gone.

My pragmatic side says they should move to a nice 1 bedroom apartment.  Less cost, less maintenance, etc. They likely even would qualify for subsidized housing if their income is as low as Hiram infers.

Thoughts?

2 comments:

Unknown said...

With current high rents in the twin cities I don't think grandma and grandpa will save $ by moving to am apartment. Maybe they should try one of those reverse mortgages.

btw, did you know that seniors are the group of people with the lowest poverty rate. They should be able to pay their property taxes (but maybe not with the extremely high prices they are likely paying for their medications.) Also btw, my neighbor / rep was on the news tonight talking about the bill he is going to introduce allowing pharmacies to import cheaper drugs from Canada. Soulds like a good idea to me.

Anonymous said...

Since most young people pay their property tax with their mortgage payment, I assume Hiram is talking about older fixed income folks who have more house than they can now afford, and likely more space than they need.

If you pay your property taxes with you mortgage, do you pay less? Do young people find it easy to come up with their mortgage payment? Have things changed recently?

--Hiram