Up to $6 trillion of the wealth owned by Baby Boomers is tied up in one of their biggest assets: Real estate.
ALBUQUERQUE, N.M. (PRWEB)
January 08, 2018
A couple is about to retire and they want to reduce their living expenses, and hopefully eliminate their mortgage payments. So they sell their house and make $185,500 from the sale.
They are now in the market for a new home, and they want to pay in CASH.
Most real estate agents would show them homes for $185,500 or less, which is currently the median home value in Albuquerque. But those typical real estate agents would be doing that couple a huge disservice.
That’s because, using one often overlooked yet perfectly legal technique, that couple could immediately double their purchasing power and be able to afford a house for $371,000.
By doing that the real estate agent would earn a gross commission of $22,260 rather than $11,130 and the couple would still be able to live in the larger house for the rest of their lives without ever having to make a mortgage payment.
If this sounds too good to be true, consider the background information.
Baby Boomers are projected to be the wealthiest generation until 2030. But not everyone feels so well off. In fact, many people who are 62 and older are desperately looking for a way to increase their cash flow.
That’s because up to $6 trillion of the wealth owned by Baby Boomers is tied up in one of their biggest assets: Real estate. Owning a home is one of the biggest gifts and curses to the Boomers. This one asset can represent up to 80 percent of an individual’s net worth.
When people approach retirement age, having their wealth being “locked…