3 ms·
you take the home equity loan against, presumably, a paid off house. That loan has to be paid back. You now have a payment where none was before. If you were st
by sethammons 3y ago
you take the home equity loan against, presumably, a paid off house. That loan has to be paid back. You now have a payment where none was before. If you were still paying on the property, your new payment is now larger than it was before. Seniors on a fixed income cannot absorb that.
- wmf 3y agoThe loan is paid back by your heirs selling the house after you die.
- sethammons 3y agoThat loan has to be serviced and a loan company will want to take on that risk. So you are saying that old people should be forced into a reverse mortgage solution? How is that helping anything other than the mortgage industry?
- wmf 3y agoPay your taxes or move.
- rcpt 3y agoThe California Tax Postponement Program exists if you are distrustful of the banks. It predates Prop 13.
- sethammons 3y agoWhich you are excluded from if you make over $52k per year. Only choice left after that is blinding oneself.
- rcpt 3y agoBuy. Borrow. Die.