Apart from the insurance companies' reverse-mortgage eldercare insurance on a home, stay away from every other "live off your home" scheme, and never mortgage a home to buy financial products
- High value
- Evidence B
- Saves money
- For: Elderly relative at home, Age 60+
- Free
- Takes minutes
- Some willpower
In plain words
There is only one proper way to live off your home: the insurance companies' reverse-mortgage eldercare insurance on a home (住房反向抵押养老保险), which is still a pilot. The kind that comes knocking on your door has nothing to do with it. It tricks older people into mortgaging their homes, and then uses the borrowed money to buy the financial products it recommends. Some people don't even know their homes have been mortgaged, and in the end they lose the home and are still left with the loan.
Mentioned in
- Keep an older person's money in a separate account, and set a rule that large payments need two people to confirm
- Stay away from any "invest for your retirement" scheme that asks an older person to pay first: cards, beds, retirement apartments, travel-retirement and senior products are all the same illegal fund-raising
Translated from the Chinese original. Original book, section 17, tip 6. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer