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Joined 2 years ago
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Cake day: August 16th, 2023

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  • Before going homeless, there will be a massive uptick in reverse mortgages. Remember that most retirees were able to buy houses back when they were super cheap. A reverse mortgage gives them income while effectively selling the equity in their home. As is often the case, they will be screwing over their kids and grandkids. There won’t even be a house (owned) to inherit upon their death.

    The executor will be forced to sell the house to pay off the reverse mortgage, often at a discount, to exactly the types you describe.










  • That really only shows assets, not income. While that’s very important information for senators (who coincidentally push bills that will benefit their portfolio), it doesn’t address income. $34 million doesn’t start from a Senate salary, no matter how well invested.

    Most additional income comes from things like book deals and speaking fees.