2748: House Rich and Cash Poor by Mike Ballew of EggStack on Building Wealth for Retirement

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Episode 2748:

Mike Ballew of EggStack.com explores the dilemma of being "house rich and cash poor," a situation where homeowners have significant equity locked in their property but lack sufficient liquid assets for a comfortable retirement. He discusses potential solutions like downsizing, reverse mortgages, and turning a home into an investment property, providing insights into the advantages and drawbacks of each approach.

Read along with the original article(s) here: https://eggstack.com/blog/2021-06-27-House-Rich-and-Cash-Poor/

Quotes to ponder:

"Owning a home is an important part of wealth-building and a cornerstone of The American Dream, but as we age, it can feel like an albatross."

"Downsizing to a smaller home has many advantages, including reduced utility bills and property taxes, making it an appealing option for retirees needing less space."

"The primary disadvantage of a reverse mortgage is that you are essentially married to your home, as in until death do us part."

Episode references:

How Does a Reverse Mortgage Work: https://dfi.wa.gov/homeownership/reverse-mortgages

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