4 ms·
> If I'm an old person on fixed income, and my equity doubles from $1M to $2M, causing my property tax to double, I can take out a home equity loan against my h
by foogazi 3y ago
> If I'm an old person on fixed income, and my equity doubles from $1M to $2M, causing my property tax to double, I can take out a home equity loan against my house and be not only just fine on payments
What is equity anyway ? If Bill Gates buys the house next door for 10M over asking now I need to “do something about it” ?
It does not make sense to me
Now if I “realize” the equity by taking out a loan I’m fine with the reassessment. But to be hit with an increase because people chose to do 0% downpayment loans is nuts