Reply to I don’t understand how my neighbors are paying for their renovation

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[quote=Anonymous][quote=Anonymous]OP here.  Thanks for all the responses.  I guess the answer is borrowing against a paid-off house that they were given - I hadn't thought of that.  If I were gifted a paid-off house, I would just be grateful to never have a mortgage; it wouldn't be my first thought to [b]leverage myself back to the gills[/b] just to upgrade my standard of living a little bit.[/quote]

I understood your curiosity at first, but it’s becoming clearer in follow up that you’re trying to somehow convince yourself your neighbors are drowning in debt. Why? To feel better about your own home/life choices? I’m not really sure.

But a 500k loan on a 160k income is doable, especially if no student loans. And it’s entirely possible they had saved up earlier on (especially if they lived in the paid off house for a while before renovating) so maybe they only took out 350k and had 150k cash.

It is entirely possible your neighbors are about to have a newly fixed up house worth close to $1.2m + and be financially comfortable. [/quote]

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