For $36,000, she purchased a home in Seattle in 1973. How does she get some money out?
In Seattle's Ravenna area, Wolfe's home has been on the decline. According to Zillow, the four-bedroom 1926 charmer on a quiet neighborhood is worth $1.2 million.
This isn't exclusive to Seattle. Americans who own their homes have accumulated more than $6 trillion in housing wealth during the last two years.
The Federal Reserve claims. In other words, Wolfe is not alone, particularly among retirees who have had more time to accumulate equity.
For Wolfe and the hundreds of senior citizens in her situation who had equity-rich portfolios but limited cash, he proposed three possibilities.
Burkett thinks more senior citizens ought to think about taking the major step of selling their home.
In addition to renting a less expensive apartment, Wolfe might evict her principal residence and keep the difference.
Wolfe's third choice is to remain in her home in Seattle. Wolfe claims that despite her need for more money, she does not experience daily financial hardship.