You don’t need to be rich to own. Some people are lucky to buy a home where/when it’s cheap. Imagine the value (and taxes) outpacing your income. Like an elderly person with fixed income.
You don’t need to be rich to own. Some people are lucky to buy a home where/when it’s cheap. Imagine the value (and taxes) outpacing your income. Like an elderly person with fixed income.
Either it's really valuable, and they can borrow money to pay taxes, or it's not and taxes are low. But people shouldn't be allowed to freeload on the work others do to make the property valuable.
Borrow money needs to be paid back. It's entirely possible and it wouldn't be a surprise someone retired lives for 30 or 40 years, accruing all that back taxes have to be paid up until eventually the taxes are worth more than the house.
The boatman doesn't charge money, so what's the problem with that? They got to live somewhere other people invested to make nice without extra money out of their pocket.
If you're lucky. There are a lot of scams out there that are variations on the idea of well we'll pay various fees at your house or pay you this or that. Reverse mortgages...
Sometimes it works out and it's fine. It's not all the scam. But there are no scams out there that I would not have any confidence in working out. And as a government (which as a voter I'm part of), I certainly would refuse because there are too many ways that I can lose.
Well you might need to if the property taxes can spike like crazy, which is the point some people may be making. You could budget a mortgage but with taxes as a substantial wild card, it can blow up your budget.