Reply to Insane to live off savings?

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[quote=Anonymous]I mean, yes, I think using savings to pay for a mortgage on what I'm assuming must be a huge, expensive house, while downgrading from a 590k HHI to a 240k HHI. I would never do that, especially given the otherwise incredibly secure financial position you are in.

I would suck it up and move, into a house I could afford with the 240k HHI. Given that you have 500k in home equity, I would seek to augment that with the savings you are currently thinking of spending to stay in your house, in order to find a house with a payment that would fit your new income.

My guess is either you don't want to downsize into a home at that level, and that you are hoping that if you can just squeak by in your current home, rates will eventually come down and then you can refinance or move with the new rates? I just think that's an irresponsible approach, and needless. If you want to cut your income, as the higher earner, by that much, you need to get used to the idea that it will impact your lifestyle at least a bit. [/quote]

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