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Real Estate
Reply to "Baby boomers to kill the housing market?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If Boomers sell and drive down prices, that helps the millennials who can't afford a home right now. But it hurts those who already have homes - e.g., Gen X. But Gen X is probably used to the Boomers screwing them by now.[/quote] When the houses of the boomers sell, it will many times be because the owner has died. So, who will get that money? The Gen Xers. So Gen X will actually come out all right in the end. [/quote] Hmmm not necessarily. Lot's of Boomers are cashing out on their homes, getting "reverse mortgages", etc. There will be nothing for their Gen X kids to inherit.[/quote] Yup. My parents don't have a reverse mortgage yet, though they may need one someday. Instead they mortgaged the first property to pay for a vacation home, and used their own inheritance from grandparents as a down-payment on a third home. 70 years old and 2 mortgages. [/quote]
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