Re:Market Conditions, Trends and Home Prices in San Francisco
by troygoode on Monday July 16, 2018 @05:54PM
(#17545492)
Prop 13 means you're heavily incentivized to stay in your home as a retiree and not move (even if it is "too much" home for you). If you're going to move, its almost certainly out of California entirely – but that is often not a practical option given friends & family nearby.
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Re:Market Conditions, Trends and Home Prices in San Francisco
by refurb on Monday July 16, 2018 @06:24PM
(#17545686)
What do you do when you need to pull the equity out of your home to retire? Reverse mortgage?
Re:Market Conditions, Trends and Home Prices in San Francisco
by bradlys on Monday July 16, 2018 @06:59PM
(#17545901)
Yes, reverse mortgage. My SO's grandmother did this.
Sucks for the kids - as they won't get to inherit a really expensive home with extremely low tax burden (prop 13 continues the low tax burden to those who inherit the property). Banks are so happy to do these right now.