Tuesday, August 3, 2010
I'm old. But I'm still continent. This means I get Social Security and Medicare but I don't need to spend anything on adult diapers. Lucky me.
The third and most important shock absorber is the house I own. Sure it has it's problems and I could pour a fortune into it. But I haven't. I never borrowed against it. I couldn't. My credit wasn't good enough since medical bills and my mother's care bankrupted me. Chapter 7. It's been five years, so I still don't have good credit and still can't borrow against it. Hell, I can't even afford to pay all my property taxes each year. Certainly never on time. I still have fairly hefty medical bills. But that which has prevented me from borrowing against my house, has saved me from losing my house and have made me a perfect candidate for a Reverse Mortgage! Any day now, I'll find out how little money it's now worth after the housing crash.