Quote:
Originally Posted by TeresaE
Why? Financial security is about cash flow not mortgage debt. I’ve met many homeowners over the years that are equity rich and cash poor. They can’t pay for repairs, taxes or insurance, even with a reverse mortgage in place. They outlive their money.
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If you live your life debt free, you will accumulate enormous wealth. The worst advice some adults give to young people is that they need to "establish credit". The advice should be "don't borrow money".