Quote:
Originally Posted by disneysteve
My mom is 77 and lives just fine on SS and investment income - no pension. In fact, since selling her house last year and moving to an apartment, her savings are actually growing. By selling the house, she dropped her monthly expenses by about $700 (taxes, utilties, maintenance, etc.) and her rent and electric at the apartment is less than that. Plus, the proceeds from selling the house are invested (conservatively - CDs and MMA) and generating income. So she has a positive cash flow. Not bad for a 77 year old.
|
So in this case, the house was an asset.
I know a lot of other posts lately have been discussing homes being assets or liabilities.