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Reply to "FA Question: Inherited house, now worth $1M, now what? "
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[quote=Anonymous]Our HHI is $104K, but our house is worth almost $1M. We could never afford to buy a house like this, but I inherited it a long time ago. When we apply for FA, does the equity in our house mean we will not be eligible? We can't afford to pay a mortgage on our income. DC is very interested in NESCAC schools, all private, all very expensive. I can't see it happening if our house is a factor in FA. Otherwise, I'm sure we'd qualify, as we have not a lot of savings and no investments aside from 401(k)'s. Anyone know? Anyone in a similar situation? I don't mean to cry poor, but we cannot afford any of the schools DC wants to go to (Amherst, Williams, Bowdoin, etc.) If you've negotiated this issue, I'd love to hear how you did it. TIA! [/quote]
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