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How Mortgage Debt Undermines Retirement Security for Millions

The 41.4 million people older than 65 in the U.S. create one of the most indebted generations ever, living with increasingly large mortgage debts.

According to a report released by the Consumer Financial Protection Bureau (CFPB) in May, 65 percent of people in the age group 65-74 have debt, and more than 40 percent of this debt is from mortgages. Also, Federal Reserve data show that the percentage of consumers age 75 and older with mortgage debt more than doubled from 8.4 to 21.2 percent in the last decade. But absolute figures are scarier: The median amount older homeowners owe on mortgages has increased 82 percent since 2001, from $43,400 to $79,000, CFPB data shows.

via How Mortgage Debt Undermines Retirement Security for Millions.

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