What It's Like To Stay Together For the Kids— and the Mortgage Rate
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What is the main topic discussed in this episode?
I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Would you live with your ex for a 2% mortgage? That is a very real question that Morgan Dixon and her ex-husband Ryan had to ask themselves. And ultimately, they said yes. Today, I chat with Morgan, who you might have seen in the Wall Street Journal, in a piece that went viral for all the right and, as I find out, a few wrong reasons. The article spotlighted how Morgan is still living with her ex-husband because of a 2% mortgage rate. Although, as Morgan tells me, there is more to the story, as there always is. But as a side note, two exes living together because of a mortgage rate is my dream rom-com, just saying.
Anyway, Morgan is a real-life example of the lock-in effect, the phenomenon where homeowners don't sell their properties because current mortgage rates are relatively higher than what they have now. The article that features Morgan and her ex says that between mid-2022 and mid-2024, the lock-in effect prevented nearly 2 million home sales. Today, Morgan shares her story. And then we dive deeper into the financial side of marriage, divorce, and everything in between. The interview after this. I am so excited you head up to Big Sur with my husband this fall. We are celebrating our anniversary.
Why did Morgan and her ex decide to live together?
And while I will miss the little mush so much, we are also really excited to have a little parents time. We deserve that. But you know, it got me thinking about this feeling when you walk out of the door for a trip and you wonder, what your blaze is doing while you're gone. Well, it turns out it could be working for you. I've been hosting on Airbnb for forever now, and I tell all my friends to do the same because it's an amazing way to make passive income from an asset you already have, your home. But some of my friends who are super busy worry that hosting on Airbnb would feel like having a second job. And that's when I tell them about Airbnb's co-host network. Anything you don't have the bandwidth to do, a co-host can handle for you.
They can create your listing, manage reservations, manage guests, provide onsite support, even handle design and styling. So whether you're traveling for work or you're escaping the winter, or if you have a second place that just sits empty way too often, your home doesn't have to sit on the sidelines. Instead, you can earn a little extra cash without adding another job to your plate. Find a co-host at Airbnb.com slash host. What is your bank doing for you? And how much is it costing you? That's a serious question, because if they're charging you $8 a month with zero extra services, I've got to stage an intervention here. What are you paying them for anyway to hold your money for you? You deserve better.
That's what I love about Chime. There are no monthly fees, no maintenance fees. My younger self would have definitely benefited from this. It's not just the no fees thing. It's what they have to offer you, too. If you set up direct deposit, you can get paid up to two days early automatically. And with qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. Plus, they have over 47,000 fee-free ATMs. So seriously, ask yourself, what is your bank doing for you? And just how much are they charging you to do it? And if the math isn't mapping, think about making a change. Work on your financial goals through Chime today. Open an account in just two minutes at Chime.com slash MNN.
Chime feels like progress. Chime is a financial technology company, not a bank.
What is the 'lock-in effect' and how does it impact homeowners?
Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. Spot me eligibility requirements and overdraft limits apply. Timing depends on submission of payment file. Fees apply at out-of-network ATMs. Bank ranking and number of ATMs according to U.S. News and World Report 2023. Chime checking account required. Morgan, welcome to Money Rehab. Hi, thank you so much for inviting me.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:02–1:25
2
Why did Morgan and her ex decide to live together?
1:25–3:28
3
What is the 'lock-in effect' and how does it impact homeowners?
3:28–4:31
4
How do Morgan and her ex manage their living arrangements for their kids?
4:31–15:57
5
What financial considerations did Morgan face during the divorce?
15:57–37:33
Speakers
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