“I know a married pair of boomers who lived the good life on borrowed money, and now that neither are working, have been forced to put their still-mortgaged house up for sale.”

“I know a married pair of boomers who lived the good life on borrowed money, did not save and now that neither are working, have been forced to put their house (still a large mortgage on it) for sale and will be looking to buy a much cheaper house. I warned them 10 years ago but they dismissed me as a wet blanket penny pincher. I have no mortgage on my house and when they asked me for a loan, of course I said no (who would be foolish enough to lend money to poor money managers?). They are not talking to me now.”Canuckguy, at moneysense.ca, 17 Aug 2011

6 responses to ““I know a married pair of boomers who lived the good life on borrowed money, and now that neither are working, have been forced to put their still-mortgaged house up for sale.”

  1. but they are lucky they bought. if it was a renter they would not have had this much money (from increased equity ) to enjoy life. and end result is both cases they would be broke.

    buying a house helps you enjoy life better!

    • They probably HELOC’d all the equity and spent it on crap.

    • Bob: yep, they probably HELOC’d all their equity and bought crap and vacations with it… But if they didn’t have a house, they wouldn’t have been able to HELOC against their landlord’s rental property, so this way they got to enjoy more crap over the years, until they wound up broke.

      Mind you, now’s not a good time to buy if you’re banking on a rise in home values so that you can HELOC your way to prosperity…

  2. I hope you’re being sarcastic 🙂

  3. Kudos to this guy for refusing the loan. All these anecdotes about people taking money to bail themselves out (particularly from their parents) are depressing. If only it were so easy for parents to tell their kids no.

    • Well if you take the view that boomers caused most of the current problems then it’s kind of justice they get screwed by their adult children with all these loans and crash RE. However if it is irresponsible boomers screwing their parents and mortgaging their children’s future then it’s a different story.

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