Quote:
Originally Posted by JSH
Selling mom and dad's house at their death is the most common way wealth is transferred between generations in the USA.
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My parents would still be living in the ~125 year old farm house that has 1 bathroom that is falling away from the house (it was added on after the invention of bathrooms), and has no insulation, if it wasn't for inheriting my grandparent's property in Hesperia.
They leveled a section of a hill away from the street and moved a 2.5-wide manufactured home to that location, and then completely updated it (new floors, siding, paint, roof). Now they've got 3 bedrooms and 2 bathrooms on a single level.
If one doesn't want to give their equity away to their children, they could always do a reverse mortgage where you get a monthly check that draws from the equity.