As the numbers of seniors carrying mortgage debt in retirement has increased, so too has the potential financial burden of a regular monthly mortgage payment.
According to data from the Survey of Consumer Finances, the share of Americans ages 75 and older with mortgage debt rose to 25% in 2022, with the median owed amount increasing from $14,000 to $102,000.
A 2023 study from the Michigan Retirement and Disability Research Center highlighted that retirees with larger mortgages face financial peril, leading to delayed retirement, reduced post-retirement spending, and earlier home sales.
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