[quote=HLS]FLU
If you can recognize and admit to enjoying life more,
isn’t that a good thing ??

I can share plenty of discussions I’ve had with
senior homeowners about reverse mortgages
(I don’t like them; only a last resort)
Most were similar..
a) They were in a rush to have no ‘debt’ so they paid off their house. They have no debt, but very little cash to live off & enjoy life. Only option today is a reverse mtg.
They can no longer qualify to refi for a conventional cash out loan.

b) Others had lots of equity but no cash. They didn’t sleep well because they had no money and worried about paying bills and enjoying life.

Ive never met anyone who had money in the bank/cash cushion that didn’t sleep well even though they had a mortgage.

Many seniors are just getting by. It’s hard to imagine when you only know ‘wealthy’ people. Not everyone collects SS or gets much.
The heirs of people with no mortgage will be the winners, and many of them deprived themselves of enjoying life.

Of course there is a price to pay to have some debt, but you cannot understand the feelings that some people have about their situation.
There’s a price to pay to have no debt as well; not always financial.[/quote]

I agree that being house rich and cash poor isn’t necessarily a good thing heading into a retirement. As long as “income in” is more than “expenses out”, and “income in” and “expenses out” are relatively stable, that’s what matters to me. I’m just trying to set my required “income in” at a minimum wage job, just in case. But even then, it might not that be that bad. Afterall, I hear that minimum wage will now be $15/hour.. Awesome. 🙂