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Real Estate
Reply to "Is possible to owe $500,000 for a home when you paid $125,000 back in 2004?"
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[quote=Anonymous]My FIL owes something like $800K on the house he bought in the 1960s for under $50K. He has refinanced a dozen times to pull money out for home renovations and other various things. The home is probably worth a little over $1M, so he's not underwater, but he does not have a lot of equity and he does not expect to ever have it paid off (he's in his late 80s). If the market ever crashed like in 2008 he could be in trouble. [/quote]
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