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Reply to "I don’t understand how my neighbors are paying for their renovation"
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[quote=Anonymous]Family money. Or, if the house was gifted to them and they have no mortgage, they could get a HELOC for the $500k and that essentially becomes their mortgage (easily affordable on a $160k income). I guess that's still family money in a way since they got the house for free. Keep in mind that family money doesn't have to mean parents. One rich aunt could do it. [/quote]
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