2748: House Rich and Cash Poor by Mike Ballew of EggStack on Building Wealth for Retirement

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2748: Mike Ballew of EggStack.com explores the dilemma of being "house rich and cash poor," a situation where homeowners have significant equity locked in their property but lack sufficient liquid assets for a comfortable retirement. He discusses potential solutions like downsizing, reverse mortgages, and turning a home into an investment property, providing insights into the advantages and drawbacks of each approach. Read along with the original article(s) here: https://eggstack.com/blog/2021-06-27-House-Rich-and-Cash-Poor/ Quotes to ponder: "Owning a home is an important part of wealth-building and a cornerstone of The American Dream, but as we age, it can feel like an albatross." "Downsizing to a smaller home has many advantages, including reduced utility bills and property taxes, making it an appealing option for retirees needing less space." "The primary disadvantage of a reverse mortgage is that you are essentially married to your home, as in until death do us part." Episode references: How Does a Reverse Mortgage Work: https://dfi.wa.gov/homeownership/reverse-mortgages Learn more about your ad choices. Visit megaphone.fm/adchoices