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Except the government has basically made it their priority to prop up the existing housing prices as much as possible, and keep it that way. For every young pe
by edc117 10y ago
Except the government has basically made it their priority to prop up the existing housing prices as much as possible, and keep it that way. For every young person desperate for an affordable house, there is an older person that is counting on their house's current value to be able to retire.
It's a mess.
- jdavis703 10y agoI really don't understand how that works. You can't (reasonably) sell the siding and plumbing in your house for groceries and medical bills... So how do people use their house for retirement (you know besides not paying rent or mortgage)?
- huherto 10y agoIt is a mirage. You think you are making money but you cannot use it. Unless you retire in an inexpensive place. Or die. You will have a lot of money when you die and can sell your house.
- fovc 10y agoYou go to the bank and say "my neighbor's house just sold for $X. My house is better. Can I have a loan for $X * .8?" Also see reverse mortgages [1] [1] https://en.m.wikipedia.org/wiki/Reverse_mortgage https://en.m.wikipedia.org/wiki/Reverse_mortgage
- prostoalex 10y agoVia a HELOC or a reverse mortgage, which becomes a thing for people 70 and older. Alternatively, selling to cash out and move to some spot favored by American retirees, such as Costa Rica or Palma de Mallorca, where the dollar (as well as Social Security check) goes much further.