It seems to me that reverse mortgages of one form or another could also be a solution to those "house poor" seniors who are unable to pay property taxes.
Or if not "drawing money out of the family home," why not merely encumber the property while the senior who is unable to pay property taxes continues to live in the house? It could be done through a lien, a first or second mortgage, a reverse mortgage or a line of credit, as described in your article, which would be paid back by whoever inherits the home.
"Sale/leaseback," which is done often in commercial property, is another option.
Meanwhile, the senior gets to live the life that he or she wants to and is capable of.
I see many benefits to such plans, and no negatives. Am I missing something?
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