Boomers Will Carry Mortgage Debt Into Their 70s, Study Finds

Boomers Will Carry Mortgage Debt Into Their 70s, Study Finds

44% of 60 to 70-year-old homeowners bring their mortgage into retirement, finds a study from American Financing. To make matters worse, 32% said it will take them more than eight years to pay it off and 17% report they’ll likely never pay it off. The study predicts Baby Boomers will carry their mortgage debt into their 70s.

The survey also found 64% of 60 to 70-year-old homeowners plan to stick around in their current home and 62% plan to leave their house to their children/estate. American Financing suggests two ways to help Boomers with financial issues including a mortgage refinance and a reverse mortgage, a home loan that converts a portion of home equity into cash.

The survey says 19% of Boomers don’t know what a reverse mortgage is although it can be a good option to help people with limited income use accumulated wealth in their homes to cover monthly living expenses.

Individual Account Retirement Plans Main Source of Income for Private Sector Retirees

Individual Account Retirement Plans Main Source of Income for Private Sector Retirees

Workers with Financial Advisors Put Away More Towards Retirement

Workers with Financial Advisors Put Away More Towards Retirement

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