My plan is to let the property pay me back in my later years by taking the equity out in the form of a reverse mortgage or some other similar tool. That way I can pay the taxes and plan to keep the property for as long as I am alive and able to care for it. A lot of people won't consider this option because they want to pass the property along to children, family, etc. I figured I worked hard for the property, then the property can work for me. Let my kids worry about their own property, just as I had to do.
|