If something isn't done right now many boomers will find themselves in this same situation.
Long Beach, CA (PRWEB) March 28, 2007
52% of all Baby Boomers are not adequately prepared for retirement according to a major recent study on retirement preparedness posted on the Congressional Budget Office website. Pete Mitchell, Chief Investment Officer and President of Capital Republic Financial Group, Inc. has a bold and innovative way to change all of that.
"The number one problem that we run into is a 75-year-old widow living in a $500,000 home that is paid off but they don't have a dime to their name. Unfortunately, you can't take the banister to the grocery store," says Mitchell. "If something isn't done right now many boomers will find themselves in this same situation."
But there is something that can be done claims Mitchell, and most of the time it is done with the stroke of the pen. While many families in America haven't been able to put enough money away to secure their golden years, they have been able to build up substantial equity in their home due to the recent boom years in the real estate market. Mitchell's firm specializes in a form of financial planning that is gaining more and more popularity as boomers near retirement age. His firm aids families in utilizing the equity in their home to secure their retirement needs.
"It makes financial sense to extract the dormant equity in a family's real estate and put it into a side account that can earn a decent rate of return. The key is to place those funds into an account that is guaranteed not to lose money. 95% of the time we are able to show a family how to extract a good portion of their equity without raising their monthly outlay. Before they came to see us, most boomers didn't know how to take full advantage of their biggest asset -- the equity in their home."
While reverse mortgages are a viable option for retirees looking to increase their cash flow, taking advantage of their equity before they retired could have given those retirees a much better base of money from which to draw on in retirement. Boomers are rushing to firms that specialize in this concept because of the dramatic impact it can have on their own retirement planning.
With the recent publicity following several new books hitting the best seller scene and Mitchell's hotly anticipated book being released in June by Anderson-Noble Publishing titled: The New Mortgage Investment Advisor, families are beginning to realize that while they may have gotten a late start with their retirement planning, they can still fix their current situation by taking advantage of the equity in their home. Mitchell's firm hosts a variety of seminars every month, that are booked by baby boomers and retirees weeks and months in advance, where they take an educational approach to retirement income planning. At these seminars, boomers and retirees are realizing that they can have their cake and eat it too. Mitchell's seminars are open to the public who meet certain criteria. For information on how to attend one of these educational seminars visit http://www.capitalrepublic.com or call (800) 990-2734 x5.
About Pete Mitchell and Capital Republic Financial Group, Inc.:
Capital Republic Financial Group, Inc. is a firm registered as an Investment Advisor in the state of California. The firm was founded by Pete Mitchell it's Chief Investment Officer and President. Mitchell has been in the financial and insurance industry since 1997 and is widely viewed as the authority on home equity planning.
Chris Roth, Director of Public Relations
Capital Republic Financial Group, Inc.