An elderly homeowner who has no money can go to the town or city where he lives and file for an elderly abatement or deferral of real estate taxes. In the case of deferral, a lien would be placed on the home and the real estate taxes would not have to be paid until the home is sold.
Another option available to an elderly homeowner who wants to stay at home but is cash-poor would be a reverse mortgage. The homeowner could receive a lump sum to make repairs and also receive monthly payments. The home would not have to be sold to make repayment until after the homeowner dies or leaves the home for a lengthy period of time.
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