blake murphy wrote:
> On Fri, 28 May 2010 21:34:38 -0400, Dave Smith wrote:
>
>> Cheryl wrote:
>>
>>> What she didn't say was if they had to pay off a mortgage or two or
>>> three. Selling a house doesn't mean instant income.
>> I hope that she is smarter than one of my former co-workers. When he
>> retired, close to 10 years ago, he still owed $55,000 on his mortgage.
>> He bought the house in the mid 70s and it was probably not worth more
>> than $40,000 at the time, but he had taken out mortgages on it to pay
>> for his daughters' weddings.
>
> yikes! i hope at least the daughters are still married.

I don't know. What I do know is that I bought my house a few years after
that and I had my mortgage paid off by age 45. He is now close to 65 and
still owes more money on the house than it was worth when he bought it.