Some elderly people find that their Social Security or job pension check might not provide them with enough money to meet all of their needs. However, there are deals they can make with banks called reverse mortgages. The American Association of Retired Persons (AARP) highlights the various kinds of reverse mortgages where the bank or some other financial institution gives you a loan based on your home equity. You continue to live in your home, and when you die, your heirs are responsible for paying back the loan plus interest.
Of course, there's another, more traditional, alternative for older people. It's the one found in the Ten Commandments: "Honour thy father and thy mother." There was a day when children cared for their aging parents. Parents used to die in the homes of their children. Often today they die all alone in a hospice room. There's less honoring of parents. Why? Through the tax code, children can force someone else to honor their parents.
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