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Baby boomer homeowners fear losing their properties as they spend down their savings

The article from MSN discusses the financial concerns of baby boomer homeowners in Canada who are increasingly worried about losing their homes as they deplete their savings. Many boomers, who once benefited from low interest rates and rising property values, are now facing economic pressures due to inflation, higher interest rates, and the need to support adult children or grandchildren. The article highlights that these homeowners are often asset-rich but cash-poor, meaning they have significant equity in their homes but limited liquid assets. This situation is compounded by the fact that many are living longer, thus needing their savings to last longer, and some are even dipping into their home equity to manage daily expenses or unexpected costs. The fear of losing their homes stems from the potential need to sell or downsize, which could be emotionally and financially challenging, especially in a market where housing costs remain high.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/finance-real-estate/baby-boomer-homeowners-fear-losing-their-properties-as-they-spend-down-their-savings/ar-AA1wZ5fW ]