The Fed's 3-year report on consumer health recently revealed that from 2022-2025, the fastest growing net wealth age group is 75+

This is surprising as 92% of them are retired.

Here's the results for all age groups in the survey, showing Under 35 had a -23% decline while most other groups had only small fluctuations.

Figures are inflation-adjusted to 2025 dollars. Source: Federal Reserve, 2025 Survey of Consumer Finances, Table 2.

The cause of this is that the stock market and real estate values are booming while the economy and wages adjusted for inflation are largely down, especially for entry-level workers. Seniors have built up their portfolios over 55+ years are are also collecting social security checks.

Not all 75+ are getting wealthier, as 44% rely solely on their SS as their only income.

But, nearly all states offer exemptions or other property tax breaks for all owners over 65. For the same property, a senior would be paying $1,000's less annually than their young neighbors in identical homes.

This brings up the question, should seniors who don't really need tax breaks, still get them, while younger owners who are struggling pay the full rate?

I can see if from both side, so honestly open to your takes.

Genuinely dont understand how people buy multiple houses. Im on my first and my resting heart rate hasn't dropped below 100 in two weeks. My first lender kept asking for the exact same pdf three times because of some vague "crop issue". Almost lost my mind and ended up jumping ship to Derek McGowan just so I could actually reach a real human on the phone if stuff went sideways again.

Got the clear to close yesterday but I swear I've aged a decade. Anyone else just feel totally numb/exhausted instead of excited by the end of this? I just want to sleep.

My partner and I are considering selling our current home in the next year or so. We have some renovations we'd like to do first to increase its value. Things like updating the kitchen and bathrooms. We have a good amount of equity built up. Is it a smart move to take out a HELOC now to fund these renos? We're hoping to get the money back and then some when we sell but I'm a bit nervous about adding another line of credit.

Just got my closing disclosure and my eyes are glazing over. The amount of jargon and legal speak in this thing is insane. It feels like they intentionally make it hard to understand. Is there some secret society of mortgage document translators I don't know about?

Ok, so I do loans for a living, and I still hear this from first-time investors a lot, so I want the owner side of it.

Someone finds a rental; the numbers look good, and the rent covers the payment with room to spare. Then they find out the down payment is only part of the cash they need.what I have seen, in no order:

• reserves, a few months of the payment sitting in an account on top of the down payment
• closing costs that are higher than a home you live in
• an insurance quote that came in way above the guess, especially in Florida
• a repair the inspection found, paid for out of pocket before the first tenant

And sometimes the first month of rent shows up later than people planned. I do not know how common that is outside my own files.I am a loan officer in Alabama and Florida, so take my view with that in mind. None of this is a quote, and every deal is different.real question. If you bought a first rental, how much cash did you end up needing beyond the down payment, and what surprised you most?I will read everything. no DMs

I'm curious to hear from people who've already gone through the homebuying process. Looking back, what would you change?

• Would you have bought sooner?
• Waited longer?
• Put less money down?
• Chosen a different house?
• Asked more questions about your mortgage?
• Or maybe there's something nobody warned you about until after settlement...?

 I think some of the best advice for first-time buyers comes from people who've already been through it. What's your biggest lesson learned?

I took out a cash out refinance three years ago for 264,000 for a remodel and they have a HELOC with 135,000 available and 106,000 currently used.

My home is worth 1,117,000. What are my best options? Do I ask for larger heloc or do something with mortgage?

So my husband and I bought our first home back in 2020, it was 500k with a 2.375% interest. My parents got into a bad car accident in 2023, a company truck really badly rear ended them. They moved in with us and went through years of physical therapy. They couldn't work anymore so we offered them to move in with us and let us take care of them.

We really outgrown our house at this point. They got 300k in damages from the accident and they have offered to gift us 60k to buy a bigger home. We have the rest to pay 20% down and buy a place for 695,000k. It is a brand new house and the builder is offering 6% of the purchase price to help with the closing cost and the rate buy down to 5.25%.

It's a nice big house, closer to our work and really conveniently located to many amenities. But part of me feels bad to take my parents money. They said I have taken care of them when they needed the most and now they can see that we need a bigger house to accommodate all of us and they are happy to help.

They truly are the most selfless, loving people I know and I don't know if I should accept the gift.

So the last storm rolled through and now our condo association has dropped a special assessment on us. Not a small one either. I opened the letter and just kind of stared at it. Still staring, honestly…

Here's what I think I understand, and please correct me if I'm wrong. My HO-6 policy covers the inside of my unit like my stuff, my floors, my walls-in. The master policy covers the building itself things like roof, exterior walls, common areas. Makes sense so far. But the master policy has a deductible that's a percentage, not a flat number. And nobody can tell me clearly how much of that deductible gets passed down to us owners. Is it split evenly? By unit size? Do I pay it directly or does the association cover it and then bill me? I've asked three people and gotten three different answers

An acquaintance recommended Harbour Insurance Agency and she said they actually understand condo policies and don't just sell you the same cookie-cutter thing. Which sounds great. But I've been burned before by agents who nod along, say all the right words, and then hand me a policy that doesn't cover what I thought it did

I'm not trying to dodge responsibility here. I get that living near the water comes with a price. But I'd like to know what I'm actually on the hook for before I sign anything or write a check. Right now it feels like everyone knows the rules except me, and that's a really uncomfortable place to be

Hoping to move forward with a $600,000 home build. Have roughly $300,000 liquid in the bank or investments, plus $40,000 in assets. Income is around $140,000/year.

Needing to purchase a vehicle immediately and need reliable transport, but the home purchase will not be finalized for a few months.

At the moment I'm torn between:

1) Purchasing a new/lightly used vehicle and financing it (can get an interest rate of around 5%)

2) Purchasing a new/lightly used vehicle and paying cash (would likely give $40,000 cash down)

3) Focusing on a lower price and getting a moderately/heavily used vehicle, of course trying to find a good deal but focusing on not spending much.

My question is what will give the best chance of competitive approval / financing for our home? What will be the least amount of red flags for our mortgage lender when they give the final approval? Thank you in advance!

I posted previously about falling behind on my FHA mortgage after rising homeowners insurance and property taxes caused a substantial escrow shortage. I could afford my regular mortgage payment, but not the additional payments needed to catch up. I depleted much of my savings trying to keep the house and fell behind on other debts.

Fortunately, LoanCare approved me for an FHA trial modification. I read horror stories on here about trial mods, but the terms were pretty reasonable. It preserves my 3.875% interest rate and original 2045 maturity date, with a partial claim of approximately $9,666. My trial payment is $1,098.87, down from $1,210.62. I’ve completed two of the three scheduled trial payments on time, and the permanent modification is still pending. A recent escrow analysis also shows the remaining shortage is only about $519.

My house is a 3-bed/2-bath in Oklahoma, purchased in 2015. It’s worth approximately $209,000, with about $95,000 remaining on the mortgage. It has a newer roof (debt financed), new HVAC (debt financed), and water heater, but needs flooring because the carpet is 50 years old, fence repairs, and bathroom remodeling because the bathroom looks like the 1950s.

Despite the favorable modification, I’m seriously considering selling in 2027. I have substantial equity but very little savings, other debts, and an aging house that will require more money. I also want to leave Oklahoma and move back to Denver, where I previously lived briefly for work.

Selling could allow me to pay off my debts, rebuild savings, and start fresh somewhere I’d rather live. Student loans are going up for everybody, so that's going to add even more debt. Obviously, selling expenses and the FHA partial claim would reduce my proceeds.

My biggest concern is that my credit score has fallen drastically, partly because LoanCare continues reporting the mortgage as delinquent during the trial. I’m worried about qualifying for a Denver rental, even with substantial cash reserves.

Would you give up a 3.875% mortgage to eliminate debt, rebuild savings, and relocate? Or keep the house because the mortgage is so inexpensive in a state you don't even wanna live in?

Honestly, I'm regretting not selling a year or two years ago.

With a partial claim, you're essentially taking on more debt to stay in the house. I have been putting good money after bad for years just trying to stay in this fucking place for some reason instead of cashing out.

The stress is enormous and I am at the end of my emotional rope.

I’m looking for information on a unique situation I’m in. Back in 2013 I purchased a multifamily property that contains a front two family house and a rear single family house. I’ve lived in the rear building and rented out the front since then. Over this ten year period, I added a dog, a wife, and two sons into the mix and we are quickly outgrowing our bungalow. The property has appreciated significantly since I purchased and I locked into a very good 15 year rate in 2023 (2.125). Obviously I’d like to maintain this loan if at all possible. I’d like to demolish the front house and put up a new home (likely modular) for us to move into. I know banks require collateral on their loan so normally I’d have to pay off this loan somehow. My property, however, even with the front house torn down would easily be worth $500k while the loan balance is now under $200k. Will the bank sign off on this or am I unlikely to be able to proceed? Alternatively, if I subdivided my lot could I “choose” to attach the loan to the rear property and build on new the front lot? A subdivided rear lot would easily be worth $400k. Hope that makes sense - thank you all who can help!

I have a dilemma I need advice on!

I currently am a self employed esthetician in Arizona looking to relocate to Minnesota.

I have a house here in AZ I need to sell and ideally I would want to buy in Minnesota.

I have had my llc here in AZ for about 10 years and its been pretty successful but when I move ill be starting over in a new city with zero clients.

I just think obviously I would not get approved for a mortgage on a home in mn if I have no current records of mn income coming in. I was thinking I could just buy a home in mn while im still working in az but not sure if that would work out either.

I know as a self employed person they usually want two years of income but I really didnt want to rent for 2 years until I can buy a house over there.

Does anyone have any insight or personal experience on relocating a buisness from scratch and trying to buy a home in the new area?

Thanks in advance!

Hi! I currently live in my childhood home with my family (rent free) and the house next door is for sale. My entire life it's been a rental, so I was looking to rent next year when my boyfriend finishes school so that rent wouldn't be a hassle (he currently lives abroad). We told the owner I'm interested next year to rent, but he's looking to sell this year. Here's why I need advice:

1. I have no credit cards, car payments, any personal debt. The only consistent monthly payment is for my student loans, I pay 1k so that I can be paid off in 3-4 years. Buying a home would make it so I have to cut those payments significantly, which I'm not sure would be worth it.
2. I am aware that living for free at home is a sweet sweet deal, but I'm an adult and living in my childhood home is... not the best for my mental health. Being close to my mom but having my own space would save my life rn.
3. I make a 45k salary and I live on the East coast. My neighbors house is selling for 259k, which is good for the neighborhood (up and coming), but not necessarily good for the size (under 900 sqft, 2 bed, 1 bath). Est monthly payment would be almost 1.9k, I take about 2.6k home a month.
4. I am not planning to stay in the city my entire life, so my thinking would be to turn this into an AirBnB or student housing (there's a campus nearby). Waiting for my boyfriend to come, I could potentially turn this into passive income which would also help with the mortgage payments, but I would have to invest time and money that I don't really have (I'm also a part-time student, which also for free, and working on my career, which is not my current job). And in between renting it out, I would be able to live there if I needed a break from home.
5. My grandmother lives across the street but is currently in the new boomer mindset of selling her home (idk if she would actually get what she thinks she would). She was originally gonna sell it to me for pennies so that we could start building generational wealth, but she spoke to a lawyer who told her it would be better to sell the home and give me half of the money she gets from it (there's a lot more context to this, but just so this doesn't get longer than it is). I would much prefer a nearly paid off home than money, but it's not my decision to make. Her home needs a lot of repairs, so it would save me a lot of work, but her homes bones are nicer than my neighbors. Also, she has no plans to move out anytime soon, so who knows when I would be getting that house/money. My moms dream is for me and my brother to raise our kids in the same neighborhood we grew up in, me in my grandmas house and my brother in my moms. While I'm not 100% sure if that's what I'll do, but it is something I would like to have the option to. Which is why the prospect of getting my neighbors house is perfect, as I'm not sure if I should hold out for when my grandmother makes a decision.

I'm also not even 25 yet, so I do have plenty of time and don't need to rush into buying a home. I'm just scared of debt and being homeless, so this is something I haven't been able to decide; buy a home now and create passive income OR be stuck with the burden of a home, or stay at home and then rent for the rest of my life. I very much doubt I will buy a house unless it is one on my block, or once I make a 500k salary (jk, not really). Also, I'm very out of my depth when it comes to these convos, so if anything doesn't make sense or seems dramatic, whoopsies! Would appreciate any and all considerations for my situation.

EDIT: Thank you for the feedback! After reading the comments, I'm feeling kind of silly for asking. I truly appreciate the advice, I will just continue where I'm at and see where the future takes me.

Hey everyone!
I’m looking to buy my first home in San Diego County, possibly San Marcos, with a budget of around $600K–$700K. My credit score is 794.
I’m trying to figure out the best way to get the lowest mortgage rate and monthly payment while also saving money in the long run.
A few questions for those who recently bought or are currently shopping:

1. What interest rates are you getting, and which lenders or credit unions are offering the best deals?
   
2. Would you recommend a local credit union, mortgage broker, or big bank?
   
3. Is it better to buy down the interest rate by paying points, or take a higher rate and refinance later?
   
4. Are there any first-time homebuyer incentives or lender credits worth exploring?

I’m leaning toward a 30-year fixed mortgage but am open to suggestions.
Would really appreciate hearing about your experiences, especially recent buyers in San Diego!

Thanks!

My wife & I are purchasing a new build from a major national builder. Construction will be completed mid December. They offer a $15,000 incentive to use their in house lender & we have been approved for a conventional 30 yr loan.
We thought this was a great idea at first but now realize you get nothing for free. They are getting their money back by giving us a higher than average interest rate.
For example on 10/14 their rate was 7.625%. Loan Officer & I were talking about a 60 day lock & she said they charge $1250 for that. If after we lock the interest rates go down we are stuck at the rate we locked in on.
So I called the loan officer that helped us finance our last house. The very same day she said she could get us 7.125%. She could do a 60 day lock for FREE & if rates go down she would float down the interest rate.
Now here’s my predicament. I want to get the lower interest rates but then I wouldn’t get the $15,000 incentive from the builder if I don’t go with their mortgage company.
BUT IF my loan application gets rejected and am able to get financing elsewhere the builder will still give us the $15,000 incentive.
My wife & I have excellent credit(790), have no debt. Cars are all paid off. Our combined income is $250,000. Purchase price is $646,000 & we are going to keep our existing house to rent it out because of low interest rate(3.5%). We are putting 20% down. We have about $85,000 ourselves & are getting 3 gifts. 1 Mother for $19,000. 2 brother for $10,000. 3 MIL for $19,000.
We are just under the 50% debt to income ratio. NOW if I call them & say the gifters have reneged on the gifts and they send it back to underwriting. Will our loan be rejected?

Hi everyone

I wanted to ask and see what everyone’s approach is when I ask this question what would you rather do pay off your house or invest let’s use a 4% interest rate over 25 years 500k paid monthly as an example. Everyone will say you can just put it in the market at get 10% returns why pay off your house at 4%. If you look at the TOTAL interest over the loan $291,755 looks alot more than 4% to me it’s really 58% of the loan amount. 4% of 500k is only 20k what’s everyone’s thought’s

Over the life of a 25-year mortgage, you will pay $291,755.26 in total interest on a $500,000 loan at a 4% interest rate.

It seems inherently bad for the population to have variable rates that increase the burden on homeowners during tough economic times. What holds other countries back from also having fixed rates?

Anyone have experience trying to finance a house with an active fuel oil storage tank? In this instance the tank is over 50 years old. Our lender has indicated he may be able to find some lenders but the competition would be low because most of the big banks won’t ever buy it.

Based on my discussions with inspectors and tank installers there is high likelihood the tank has already failed. Just very expensive to figure that out. We had asked the seller to remove it because it’s long past its useful life. With the owner thinking it’s fine, trying to understand if there is a mortgage or insurance risk card to play.

UPDATE: thank you all for the helpful replies. Seller was not willing to negotiate further than a 10k credit and is own removal. We walked away.