miller@nlm-mcs.UUCP (09/17/84)
You *can* take an additional mortgage on the equity you have in your home, while keeping the original mortgage.
simard@loral.UUCP (Ray Simard) (09/18/84)
[So nice that it's past May 21; now I'm working for myself!] >Do people seriously expect that the IRS would be allowed to touch the >home mortgage interest deduction? Home ownership is a sacred cow in >this society. So true. Yet, seems to me that the bottom line is what counts. If the tax rate is selected such that my ultimate burden is lower than it is now, with my deduction, I'd be happier. Seems too many folks can't see that. >This is like trying to touch Social Security benefits. Sometimes I >have nightmares about the elderly gaining power as the age distribution >continues to shift upward and voting to tax the working class down to >the poverty level so they can have their SS benefits. In a democracy >the majority can legally take advantage of a minority, they just have >to pass the right laws. > Phil Ngai (408) 982-6554 Yep. And I shudder to think what will happen when my age group (I'm 33) reaches retirement. There are more of us than there are current recipients, and our generation is having fewer babies to become contributors. I, for one, am basing my long-range plans on the assumption that SS will contribute zero to my retirement, and making my own arrangements accordingly. -- [ I am not a stranger, but a friend you haven't met yet ] Ray Simard Loral Instrumentation, San Diego {ucbvax, ittvax!dcdwest}!sdcsvax!sdcc6!loral!simard