They own a house? Just wait
This is what the capitalist’s reverse mortgage scams they advertise 24/7 on Fox News are for.
And what a quintessentially stereotypical boomer thing to do too, basically leaving their paid off home to a bank for a pittance instead of their kid because fuck everything and everyone once they’re dead.
“Burn my trees upon death so no one can sit under them, and salt the Earth so no others can grow. Everything was mine and it’s no fair I can’t take it with me to supply side heaven.”
Regardless of the clear predation of the reverse mortgage industry, you realize they have to get the equity out of their house or they’ll starve to death, right?
The problem is the system itself, not elderly people who need to make ends meet.
Who said it was paid off? 😉
Even if it’s not, houses appreciate 5% a year on average. Assuming average appreciation over 10 years that house is now worth ~163% of its original value. That means that the mortgage was taken out for ~61% of what a comparable house would go for today which assuming the same interest rate would be a fairly significant reduction in the monthly payment. You also have the potential to refinance to further reduce that monthly payment.
Or you could sell it and get that 10 years of equity + appreciation out in cash and that might be enough for a sizable down payment elsewhere.
TL;DR unless your parent’s place is a dump in a low demand area it’s an asset even if it isn’t paid off.
Even if it’s a dump in a shithole, they aren’t paying rent
That’s valid, but if it’s a dump I would have a hard time describing it as an asset, at least in the financial sense. But I suppose it could be if you’re willing to put in the work to fix it up.
This sent a shudder down my spine. Hate the idea of living with either of my parents again
Finally a fresh new template
i don’t understand that template
Hopes are going down
Prices are going up
oh, ok
