4 ms·
Prop 13 means you're heavily incentivized to stay in your home as a retiree and not move (even if it is "too much" home for you). If you're going to move, its a
by troygoode 8y ago
Prop 13 means you're heavily incentivized to stay in your home as a retiree and not move (even if it is "too much" home for you). If you're going to move, its almost certainly out of California entirely – but that is often not a practical option given friends & family nearby.
- refurb 8y agoWhat do you do when you need to pull the equity out of your home to retire? Reverse mortgage?
- troygoode 8y agoWell your kids can't afford to buy their own home so they probably live with you and help with expenses...
- bradlys 8y agoYes, reverse mortgage. My SO's grandmother did this. Sucks for the kids - as they won't get to inherit a really expensive home with extremely low tax burden (prop 13 continues the low tax burden to those who inherit the property). Banks are so happy to do these right now.