A rising percentage of older homeowners are carrying mortgage debt as they approach and enter retirement. Among owners aged 65 and older, 40% had mortgages in 2014, according to the Joint Center for Housing Studies of Harvard University.
The implications of carrying housing debt into retirement years are severe. Not only may these homeowners have to postpone retirement or make difficult decisions regarding lifestyle spending on food, medical care and other expenses, but carrying debt also weakens their ability to draw on home equity to supplement their income as they age.
Reverse Mortgage Daily does an excellent job in researching retirement data and issues. In this article, Jason Olivia reports of the challenges older homeowners face in funding their retirement and still having a mortgage. Read the complete article here.