I’m sorry to hear your case. Fortunately you are allowed to terminate the lease. In the future, with Just Cause Eviction, your tenant will become permanent
What’s the reason? Is California law bad? The judge bad?
Run by Democrats who are sympathetic to weaker guys eg tenants.
California is high risk high reward. There are not that many places in this country where you can become an automatic millionaire by just sitting on your property and doing nothing.
I understand that. Specifically, what’s the technical difference between California lawsuits and other moderate/red states?
That does zero for you unless you cash out and leave the area.
1 Like
There are ways to tap into the equity without selling. Anyway it’s better to have the wealth, albeit illiquid, than not having it.
If you borrow, then you need a high enough income to afford the payments. That’s not a lifestyle improvement. A reverse mortgage is a terrible idea. You’re giving away future gains.
How It will affect the Real estate?
A reverse mortgage beats living poor if a person has few other assets. If there are kids and they want to inherit the house they can kick the folks a few benjamins a month to help with expenses. If they’re not willing - why should they inherit anything? They can build their own fortune.
I think it makes more sense to downsize the home and invest the profits.
By the time taxes are paid on profits above 250k and the new home is purchased there may or may not be enough left to support a retirement. The good thing about a reverse mortgage is you don’t have to worry about how long you might live. Having to go into a rest home is a risk though.