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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19021  
Subject: Re: Hope no one here is like this Date: 1/4/2012 7:39 PM
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On the other hand, if you read the article, you'll find these folks having taken out $400,000 mortgages on their retirement home..and who knows what other debt!...

DOn't retire with a mortgage....

ANd quite possibly, they had enough as long as the husband lived, but maybe his pension and benefits went away when he died? And they had big places they could not take care of themselves, requiring lots of spending money on upkeep, lawn care, snow shoveling, cleaning, etc.

They also had most of their savings in their home it seems....great idea when everything went up 30% a year.....

I suspect there are 100,000 folks waiting to buy their property at bargain prices.

The other thing is that these folks obviously never considered that when they get to 70 or 75, they aren't going to be getting around as easy. 20 or 30 miles to the doctor or grocery store on gravel roads and back roads in snow country isn't always a great idea at 80. Nor are 4000 sq foot houses and seven acres to maintain.


t.
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