So Your Parents Are Old Your Parents' Damn House with Tina Fallon
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Oct 28, 2025 
In this engaging discussion, realtor Tina Fallon shares her insights on the emotional rollercoaster of managing a parent's home. She highlights reasons why many seniors are reluctant to sell and effective strategies for clearing out their belongings. Tina explains the tax advantages of inheriting properties and discusses the complexities of family dynamics during clean-outs. Plus, she reveals how buyers often seek estate opportunities through obituaries. It's a heartfelt exploration of navigating real estate with care and compassion!
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Elderly Homeownership Is A Major Wealth Reservoir
- 80% of Americans over 65 own their home, making parental houses the largest asset many families face when parents age.
- Older generations hold a disproportionate share of large homes, concentrating wealth and complicating downsizing decisions.
Use Step-Up Basis When Timing A Sale
- Consider keeping a home until death to obtain the "step-up" in basis and avoid capital gains taxes for heirs.
- Talk to a financial planner because selling during life can trigger substantial capital gains tax liabilities.
Refinance To Access Home Equity
- Refinance instead of selling to extract equity if you want to keep a multigenerational home.
- Expect a full mortgage application, closing costs, and possibly similar monthly payments depending on rates.