[quote=UCGal]Bearishgurl…
None of us (to my knowledge) have ATM’d the house. My neighbors across the street have the same stated goal we do – pay it off before retirement. That’s hard to do if you’re pulling cash out rather than paying off the balance. I don’t see a lot of fancy upgrades in the garages indicating HELOC madness on our block.[/quote]
UCGal, my post above wasn’t directed to any one poster.
I think if you grew up in UC, the OLDEST properties up there might be circa 1968 or 1971. My block was built in 1949. Thus, the “heirs” on my block are probably a generation older than your one neighbor “heir” who cared for his mom. All of the “heirs” I am speaking of here are living on a small FIXED income. This type of income by itself cannot maintain a house and utilities, much less market property taxes. A person with this type of low income can only obtain a “sucker” equity loan or reverse mortgage, if old enough. These “heirs” are too old NOW to EVER pay off the loans they took out on their free and clear “bequest.” (The banks knew this, obviously, but that’s another story.)
Two of my neighbors as “heirs” even qualified for “lifeline” utility rates. One “heir” actually moved out of his van that he had lived in for seven years into Dad’s house, as soon as he died!
Re: maintainence, I’m not even talking about weeds after a rain. I’m talking about real eyesores such as long-unfinished room additions, never-running vehicles, etc. This was all started or parked after the heir moved in.
UC’s younger demographic is evident in that you and your neighbors purchased your childhood home while your parents were STILL ALIVE and you are still employed and have kids in school. My neighbor “heirs” are retired and/or long-disabled with grown children.
Acc. to your post, your neighbors don’t appear to be trying to run their entire households on $800 – $1500 (fixed income) per month.
