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Steve Heideman
FiLife Contributor

Steve Heideman asked about a year ago in 401k Plans

Michael, I think your input on this situation would be prudent.

Michael, I was asked this question by one of our members. From the mortgage point of view, I thought the reverse mortgage would be the most prudent. Your input however I think is warranted.

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Steve Heideman
FiLife Contributor

Steve Heideman responded 11 months ago

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Singh, I am a little confused...Could you give a few more details?

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Ali Rogers
FiLife Contributor

Ali Rogers responded 11 months ago

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Ali the real estate guru says:

Well, Kaur, STOP getting money out of the house. Every time you refi you are probably adding processing charges to the cost of the loan; plus, if you're going to be carrying it for a while, you want to have a little bit of an equity cushion.

If you are going to be holding the property for longer than you planned, you can live in it or you can try to rent it out to someone else. Either way, try to keep the home in good repair; that way it will be worth its full value when the market goes back up.

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Michael Kitces
FiLife Contributor

Michael Kitces responded about a year ago

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Steve,
Thanks for pointing this thread out! I've responded directly to the original post!

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Kaur
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Kaur responded 12 months ago

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no answer here, just a ?...first off I love the GURU, Singh here. My ? I got stuck in a house I had "planned" on flipping...Didn't know what I was doing.
So somehow a 45,000 house through financing twice has turned into a $53,000 house. It is appraised now at $60,000 then it was $63,000 {yes I have sucker written across y forehead} What would your advice be...besides shoot myself for being so stupid...lol

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Douglas Uhlenhake replied about a month ago

Don't be so hard on yourself.
Smart people do not so smart to stupid things occasionally too.
Look at how really successful people like Donald Trump, Sears, and many others have filed for bankruptcy, some of them like Sears even multiple times. And, yet look at how successful and prosperous he became and how smart he was to hookup and to go into business with Roebuck leading to the Giant Sears that we know today.

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