Mayor tells the elderly to get reverse mortgage after their property taxes get too high.
(rumble.com)https://rumble.com/v5gckct-mayor-after-property-tax-hike-get-a-reverse-mortgage.html?e9s=src_v1_ucpA reverse mortgage is where a bank pays you a fixed payment in exchange for your house until you die. The banks goal is to get the house cheap. You pay for 30 years, they pay much less. They target boomers to make sure no generational wealth transfer takes place. Then the boomers go to Vegas and lose it all.
Property taxes are going up because Blackrock types, banks, foreigners, and private equity firms are making property more expensive and scarce. A house in our neighborhood just sold for about 70% more than it did in 2014. When you spend more on a house than it's worth, the taxes will go up regardless.
Commercial real estate is tanking too since many people aren't commuting anymore.
David Knight is a good daily listen BTW.
