Home prices are going to start falling, and it's going to be a major shitshow for the country

[Nictuku]

34. Recently Retired

My 'plan' after being forced into early retirement (I'll be 61 this year), my plan is to get a Reverse Mortgage when I turn 62 and cash out as much as I can, pay off the mortgage so my mortgage payments go away, then I should be OK with my measly pension and SS. I don't have kids so not worried about who gets the house when I die (Just as long as my mom can live here until she goes, should I go before she does). I can do that in 2023, but not until them. My I bought the house for 295K, Zillow is now showing it being worth over $700K (California prices for you, I live in rural Napa). So, providing the house doesn't get burned up in a fire, that is my basic plan to have some extra cash, pay off my mortgage so I can live comfortably on them pension/SS - and plan to live in this house until I die. I don't think high interest would effect me because you are not making mortgage payments on a Reverse Mortgage (unless I'm missing something)

I'm just wondering how the higher interest would effect me in this plan (other than the housing value going down, but I am really not seeing that. In fact, we get around 5 calls a day for people asking to purchase my mom's house in Memphis, and it is not even listed). Seems like the Corporations are buying out everything so they can make them Air B&B's or something.

I couldn't rent a one bedroom apartment for what I'm currently paying for the mortgage/insurance/hoa/property taxes.