Reply #19: The only way to "cash out" in California [View All]

[SoCalDem]

is to have bought a house YEARS ago for cheap, and then sell that 750K house...pure profit... BUT then you must MOVE to a cheaper part of the US.. say New mexico...Tennessee, Kentucky, Kansas..ect..

You can then buy the "house of your dreams" and have plenty of cash left over...BUT you will nto be in California anymore.

My husband and I are kind of in that boat.. Our house,(only worth about 300K.. we paid $82 in 1981) we have been in 23 yrs, so we are nearly paid off, and I would dearly love to sell it and move away...pay cash for something smaller, and just have to worry about yearly taxes and insurance, but My husband does not want to move..:shrug:.. so here we sit...on tons of equity (and we do NOT want a reverse mortgage)..We are aiming for a retirement for him in about 6 or 7 years with no monthly cost for housing.. We can handle the rest..