Nearly 10 Million Homeowners 65 And Older Are Still Saddled With Mortgage Debt (2024)

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Nearly 10 Million Homeowners 65 And Older Are Still Saddled With Mortgage Debt (2024)

FAQs

How many 65 year olds still have a mortgage? ›

The largest share of 65-and-older homeowners with a mortgage is concentrated in Miami, Los Angeles and Sacramento, California. Across these three metros, an average of nearly a quarter — 23.64% — of homeowners 65 and older have a mortgage. That's about five percentage points higher than the 50-metro average of 18.91%.

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How many people retire and still have a mortgage? ›

In 2022, researchers found that just over 40 percent of homeowners older than 64 had a mortgage, a jump from roughly 25 percent a generation ago.

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At what age do most people pay off their mortgage? ›

But with nearly two-thirds of retirement-age Americans having paid off their mortgages, it means that the average age they have gotten rid of that debt is likely in their early 60s. Stats from 538.com, for example, suggest the age is around 63.

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Can a 70 year old person get a 30 year mortgage? ›

You Can Get a 30-year Mortgage at Any Age

But the law addresses more than just the age at which you apply. ECOA also prohibits lenders from denying a loan for other reasons that may be related to age.

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What is the average debt of a 65 year old? ›

How Many Seniors Are in Debt? In 2022, the average debt of consumers aged 65 to 74 was $134,950, according to the latest Federal Reserve data, compared to $94,620 for those 75 and older.

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Is it hard to get a mortgage at age 65? ›

The upshot is that if you're over the age of 62, you're almost 30% more likely to get rejected for a standard mortgage.

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Should I pay off my mortgage at age 65? ›

Key Takeaways. Paying off a mortgage can be smart for retirees or those who are just about to retire if they're in a lower income tax bracket, It can also benefit those who have a high-interest mortgage or who don't benefit from the mortgage interest tax deduction.

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Is it better to retire with or without a mortgage? ›

There may be good reasons to pay off your mortgage. It can save you thousands of dollars in interest, depending on the current size of your debt, and give you peace of mind that no matter what happens in the future, you own your home outright.

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How much does the average 70 year old have saved for retirement? ›

How much does the average 70-year-old have in savings? Just shy of $500,000, according to the Federal Reserve. The better question, however, may be whether that's enough for a 70-year-old to live on in retirement so that you can align your budget accordingly.

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What is the best age to be mortgage free? ›

A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.

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How many people retire debt free? ›

Average Retirement Debt: The Numbers

Three in 10 devote more than 40% of their monthly income to debt and a quarter have a mortgage with more than 20 years remaining on it. More than half say they intend to enter retirement debt free, but only one-quarter of retired Boomers actually are debt free.

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At what age should you be debt free? ›

Carrying the burden of debt is the way of life for many. According to Experian, as of the third quarter of 2023, the average American held $104,215 in debt.

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Do seniors get better mortgage rates? ›

Yes, your monthly payments will be higher, but your interest rate will be lower. You can also ask your lender about senior citizen mortgage assistance programs that are available in your state. Be sure to consider your spouse or partner when deciding to get a mortgage.

Read On ›
Can you get a mortgage with only social security income? ›

Mortgage lenders can't deny you a loan just because your only income comes from Social Security. However, your Social Security payments will need to be high enough to cover a mortgage payment without pushing your debt-to-income ratio too high. Otherwise, you could be denied a loan.

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What age is considered elderly in mortgage? ›

Though they can't discriminate, lenders take into account age-related factors for applicants 65 and older.

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Do most retirees own their homes? ›

Older homeowners aged 60-plus years like their homes, many view the equity in those homes as a financial reserve, and a significant share are confident of their overall retirement financial plan and expect to age in place. Importantly, the homeownership rate among this age group is nearly 80%.

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Should an elderly person pay off their mortgage? ›

Paying off your mortgage may make sense if: You have substantial retirement savings, especially if the funds you'd be withdrawing are in a taxable account and are not earning much interest. You're downsizing.

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What is the average age for a mortgage? ›

While the average age of a first time buyer is now 37, this increases to 38 for those looking to buy in London, while those in Yorkshire and Humberside will manage to get a foot on the housing ladder by 34 years of age.

See More ›
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