Reply to FA Question: Inherited house, now worth $1M, now what?

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[quote=Anonymous][quote=Anonymous]so what do you do with $100K income a year since you have not had a mortgage for a long time - your words ..... a long time ago....

put away money for college?

Why should others foot the bill for your child?  You can easily take out a HELC against the house.[/quote]

Our income has not been 100K since I inherited our house. We lived on a very low income for a long time, which is why the house is a godsend. It only became valuable during the past 10 years or so as house prices have increased very quickly in our area.

We have four kids, with all the associated expenses. Public schools. There have been few opportunities for saving much aside from 401Ks at work. If we take out a mortgage on our house, we will not be able to pay it. We can barely manage as it is, even though we are savers and live a very thrifty life.

I am not crying poor. We do have a nice house (old kitchen and bathrooms, never enough money to renovate those!), but we'd be crazy to sell our house because of the good schools, and we'd not likely get a HELOC anyway because our income is not high enough.

Just curious if anyone has worked this out favorably? Does this leave our kids solely at the mercy of merit aid? Don't know if DD will get into Harvard (who does?). Are we then only able to apply to FAFSA schools?

Thanks for any advice! I'm just starting to look into this. I didn't realize our house would be such a problem in sending our kids to college! [/quote]

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