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

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[quote=Anonymous]       Whether or not OP's children should be able to attend an expensive private school without tapping the home equity is an interesting question.  Without taking sides on that question, however, I weight in that there is nothing at all wrong here about OP posing her question, and those posters above who were all over OP for asking really are not being fair here.   In reality, if OP's job does not carry a pension and if OP doesn't have significant other liquid retirement savings , OP will need every dime of that home equity for her retirement.  I figured out not long ago that without a pension, I would need something like  $1 million in retirement assets just to afford the retirement that a 30 year public school teacher can enjoy.  Are there people in much worse shape?  Of course, there are -- and the strongest students in those lower income situations can get full rides.  But does that mean 100% of FA should go to people on the poverty line of America?  Not necessarily. How to allocate aid is a more complex social problem.  Those above who  commented on the mortgages that they pay, unlike OP, also benefit from a tax system through which we all subsidize your interest payments so you can build your own nest egg through a home larger than you might otherwise be able to afford.  Look, college is expensive and there are just few easy answers except for the very wealthy. And in today's society -- having 1 million in assets may put someone very high on the relative asset /net worth scale nationally, but if a person wants to modestly enjoy retirement and has no pension, no supplemental health insurance, and lives until they are 90+ years old, that still takes work.    Of course, that is the role of state universities in our society.  I attended one b/c my working class parents could not afford private schools. My DC attends a private because - one generation later -- the school DC most liked was a private and we  could  afford to pay for it.      [/quote]

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