Almost One Third of Seniors Carrying $100k in Mortgage Debt, Finds Survey
Almost one third (31%) of seniors are carrying $100,000 or more of mortgage debt, according to a survey of young seniors aged 62-75. More than half
(56%) expect it to take 10 years to pay off and 11% expect never to pay it off.
When asked about general debt in retirement, 59% of seniors indicated they currently have at least $15,000 of debt and nearly one fifth do not expect to pay off their debts. While most (71%) expect to take less than ten years to pay down their debt, 17% expect never to get it paid off.
These findings and many more senior perspectives are revealed in the Senior Sentiment Survey, a study from Financial Freedom, the nation's largest reverse mortgage lender, which explores the financial, social and quality of life attitudes of older Americans.
Please email or call me at 914.686.5599 if you're interested in more data from the Senior Sentiment Survey.
