Just need to vent...

Only if you aren't underwater. A paid off house can get a reverse mortgage.

One thing seems certain to me, that the constant increase in housing prices isn't sustainable. While some argue that we all should get houses because they appreciate faster than inflation, at some point they just won't be able to. Either that, or vast cities of people will become homeless or need to move to cheaper countries.

Another thing that looms over a new home buyer today is the question if whether housing prices will go down. I like looking at price histories for the properties I'm looking at. All of them are double what they were at the beginning of the pandemic in early 2020. What if they go back down to something closer to that? What if I buy now at the wrong time, then end up under water? Then what if I lose my job?

I think I can only do what seems best at the moment. And at the moment, that doesn't seem to be buying a house (or tiny, old condo).

 

long term, everything goes up. short term, there are bubbles. you don't wan't to buy at the top. it's a tough call though, like the market.
the problem is, money keeps pouring in from retirement investments. it will take quite a depression to make a big difference.

 

It can cost between $20K to $35K to secure reverse Mortgages. Plus there's a max that you can pull out on a reverse ... it ain't a panacea by any means.