This is not really a legal question.. Just a matter of casual conversation.. HGTV gives away a dream home each year..
I believe the home this year is worth 2.1 million dollars... If you win, you must pay federal and state taxes.. I think you can use the home equity to pay the taxes.. Even so, wouldn't the tax payment on the winnings alone would be something like $2000 per month if financed 30 years. What about insurance? property taxes? How is it possible for an average income person to live in this house for a year before unloading it? I would think payments would be due on the equity.. I suppose if you take the home's equity, pay off all your current debts and mortgage.. Maybe $2,000 to $2,500 a month isn't so bad if you have no other debts..
From the stuff I read, most winners live in the home for a year or so then unload it. The profit from the sale is usually 1 to 1.5 million. Is it risky winning the home and living in it for a period of time? Still the profit from the past sale's seem good.. What are the chances maxing out the home equity before you can unload it.. Just curious.. it sounds like a prize that would be interesting to win, but are you playing Russian Roulette?