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For the record, even during the current depressed market I could sell the house I live in for 8 to 9 times what I paid for it. Bought for $72,000, currently $600K to $700K.

The price paid goes up when you take into account the interest net of taxes paid over the years. I personally found paying interest so much fun I made extra principal payments for seven years and paid the mortgage off years in advance. People who like the fact that mortgage interest is deductible apparently like giving their money to bankers more than they like giving it to the government.

My point is, if I sell the house, I have to buy another house, or generate income with the proceeds to pay rent. I could do a reverse mortgage but that only maybe provides for maintenance and some of the expenses.

A house for most of us, is and should be a place to live, not a piggy bank. The money from the sale of a house may pay for housing (which you already have if you own a house) but what about all of the other expenses?
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