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That "modest bungalow" might be 50 kilometers away. These "old folks" lose their entire local social network, and perhaps have to buy a car.
by jrd259 7y ago
That "modest bungalow" might be 50 kilometers away. These "old folks" lose their entire local social network, and perhaps have to buy a car.
- internet_user 7y agoa car that they might not even be able to drive. I never understood why people consider equity to be essentially equivalent to liquid money.
- 2arrs2ells 7y agoBecause home equity is highly liquid. You can refinance your mortgage (and take money out), or take out a reverse mortgage (which pays you monthly in exchange for eventual ownership), or a home equity loan. Tons of ways to turn your home equity into cash.
- wffurr 7y agoIn a sane world, they could buy or rent a reasonably sized apartment in the new development going up nearby.