4 ms·

I 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

I 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 ago
It 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 ago
You 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
- jdavis703 10y ago
  But that's only a few hundred thousand dollars, probably for one time though?
- huherto 10y ago
  So you can extend your credit. But you still have to pay that. You don't get to spend that money.
prostoalex 10y ago
Via 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.