Paul Trigili, an information technology professional in Las Vegas, is 65, has back problems and would like to retire at the end of the year. There’s just one thing standing in his way: his house.
Trigili bought his home three years ago for $350,000. At the time, he thought it was a good deal, because the home originally was priced at $450,000. Today, it’s valued at $184,000.
Trigili made a large down payment when he bought the home, so he doesn’t owe more on his mortgage than the home is worth. But his plans to sell his home and use the proceeds for retirement income have been placed on indefinite hold.