I questioned that too, but then went back and read the original post and it added up according to the dates.The post you quote is from 2012 if you redo the math he's about 10 years more which puts him right about 14 as he stated 12 years ago. Anyway I'm high so you may wish to check my math
51. Started growing 5 years ago. Great hobby is rightJust curious.. Started in the 70's. Then stopped until I had severe pain issues. More tricks now and more stuff to fuck ya up.Great hobby.
My folks are selling their house that's fully paid off because taxes, maintenance and other expenses are eating them alive."The conventional wisdom for older workers heading into retirement is that owning a house is a good thing. The property has no doubt appreciated over many years, adding to their wealth. But new research finds that homeowners often strain to a pay a mortgage that is larger than what they can realistically afford. The essence of the problem for retirees, who usually rely on savings to help with living expenses, is that many do not have enough to make their monthly payments comfortably."
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That sucks! Our government is letting down an entire generation and still to be determined what will happen next. I'm terrible sorry my friend.
That's what I did, renting now and lovin' it.
Where do they live? Are they moving into a smaller home that they'll own outright, or renting something? Hard to believe that rent could be lower than the expenses of a paid off house...
It was the maintenance I was concerned about as I aged. Sounds easy when you're in your 40's and 50's but in your 70's and 80's?
I don't do much maintenance now in my 50s. I'm no handyman, I need to pay the experts for that shit. I'm not forced to get that kind of insurance, so I didn't know about that. What is the advantage of selling your home to pay for rent and expenses as opposed to a reverse mortgage? I'm so ignorant about these things, thanks BB.
Yeah, you're right. Luckily my rent is real cheap. If it was a $1600 a month type rent, I'd have to rethink.
Don't know anything about reverse mortgage's. In the back of my mind I always had negative thoughts about them.
That's true. We were looking into reverse mortgages for my mom well before she passed. It is basically when you give up your home to the gov't or loaning corporation when you die in exchange for a lump sum or monthly payments sent to you now. Elders that want to stay in their own home but don't have sufficient means to afford to. It is kind of like living off of your equity, but no capital gains tax on the money you receive. You are still responsible for taxes and insurance, though. It is a godsend for some and an awful option for others...
Rent is insane in large metro areas. I just moved from Chicago to just over the boarder to Indiana and bought a home for cash. The rent in my tiny one bedroom in Chicago was going up about $30 per year for about 15 years. Then it went nuts - first a $200 per month raise, then the next year another $160, with no end in sight. Buying cash used up a lot of my nest egg, but it costs me less than $700 per month now, including all expenses, even electricity for my grow. I'm close to Chicago to work, but the cost of living is crazy low. I fill up for gas for about $3.25 per gallon, and as soon as I get to Chicago it is over $5! The apartment I was living in just last summer went from $1300 I was paying to over $1600 now, that's without utilities. Crazy shit...
