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

More From Forbes

5 Tile Trends Worth Considering For Your Home In 2024","scope":{"topStory":{"index":1,"title":"5 Tile Trends Worth Considering For Your Home In 2024","image":"https://specials-images.forbesimg.com/imageserve/661465a77a60e43219ba9c41/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 9, 2024","hourMinute":"06:00","amPm":"am","isEDT":true,"unformattedDate":1712656800000},"uri":"https://www.forbes.com/sites/jamiegold/2024/04/09/5-tile-trends-worth-considering-for-your-home-in-2024/"}},"id":"3gg35356cjg400"},{"textContent":"

Wake-Up Call: In Q1 2024, New York Real Estate Came Alive!","scope":{"topStory":{"index":2,"title":"Wake-Up Call: In Q1 2024, New York Real Estate Came Alive!","image":"https://specials-images.forbesimg.com/imageserve/660e9d0427f5b5760d4f961d/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 4, 2024","hourMinute":"08:30","amPm":"am","isEDT":true,"unformattedDate":1712233858939},"uri":"https://www.forbes.com/sites/fredpeters/2024/04/04/wake-up-call-in-q1-2024-new-york-real-estate-came-alive/"}},"id":"585h310nceqo00"},{"textContent":"

Are America’s Favorite Countertops Going Away?","scope":{"topStory":{"index":3,"title":"Are America’s Favorite Countertops Going Away?","image":"https://specials-images.forbesimg.com/imageserve/660dd2c55f87bc34bf5c3c32/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 3, 2024","hourMinute":"06:15","amPm":"pm","isEDT":true,"unformattedDate":1712182507850},"uri":"https://www.forbes.com/sites/jamiegold/2024/04/03/are-americas-favorite-countertops-going-away/"}},"id":"6g6cpgq75md400"},{"textContent":"

Interior Designer Francesca Grace Launches A Furniture Line","scope":{"topStory":{"index":4,"title":"Interior Designer Francesca Grace Launches A Furniture Line","image":"https://specials-images.forbesimg.com/imageserve/660a0b2094ad0b108cfcdea6/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Mar 31, 2024","hourMinute":"09:53","amPm":"pm","isEDT":true,"unformattedDate":1711936413254},"uri":"https://www.forbes.com/sites/amandalauren/2024/03/31/interior-designer-francesca-grace-launches-a-furniture-line/"}},"id":"681bk8jf8cpk0"},{"textContent":"

Society Social And Belk Launch A Decor And Apparel Capsule Collection","scope":{"topStory":{"index":5,"title":"Society Social And Belk Launch A Decor And Apparel Capsule Collection","image":"https://specials-images.forbesimg.com/imageserve/660874aa9a68ef547c071f45/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Mar 30, 2024","hourMinute":"07:09","amPm":"pm","isEDT":true,"unformattedDate":1711840154884},"uri":"https://www.forbes.com/sites/amandalauren/2024/03/30/society-social-and-belk-launch-a-decor-and-apparel-capsule-collection/"}},"id":"8697lhgjmrpc00"},{"textContent":"

Joe Lieberman’s Death Highlights At Home Fall Risks For Older Adults","scope":{"topStory":{"index":6,"title":"Joe Lieberman’s Death Highlights At Home Fall Risks For Older Adults","image":"https://specials-images.forbesimg.com/imageserve/6607563c0f2f2a1ae8a65840/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Mar 29, 2024","hourMinute":"08:16","amPm":"pm","isEDT":true,"unformattedDate":1711757796197},"uri":"https://www.forbes.com/sites/jamiegold/2024/03/29/joe-liebermans-death-highlights-at-home-fall-risks-for-older-adults/"}},"id":"7almfpq4nac000"},{"textContent":"

Miami’s Edgewater Experiencing Luxury Boom","scope":{"topStory":{"index":7,"title":"Miami’s Edgewater Experiencing Luxury Boom","image":"https://specials-images.forbesimg.com/imageserve/65fcf68b4e96806504d47b74/290x0.jpg?cropX1=0&cropX2=2000&cropY1=0&cropY2=1125","isHappeningNowArticle":false,"date":{"monthDayYear":"Mar 27, 2024","hourMinute":"09:00","amPm":"am","isEDT":true,"unformattedDate":1711544400000},"uri":"https://www.forbes.com/sites/jeffsteele/2024/03/27/miamis-edgewater-experiencing-luxury-boom/"}},"id":"eblrpdbi75o000"},{"textContent":"

Landslide Risks Are Growing Nationwide — What To Know","scope":{"topStory":{"index":8,"title":"Landslide Risks Are Growing Nationwide — What To Know","image":"https://specials-images.forbesimg.com/imageserve/66034bfa34ac4108f9579b3d/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Mar 26, 2024","hourMinute":"06:44","amPm":"pm","isEDT":true,"unformattedDate":1711493041695},"uri":"https://www.forbes.com/sites/jamiegold/2024/03/26/landslide-risks-are-growing-nationwide---what-to-know/"}},"id":"4ik8bkcc5mak00"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

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

FAQs

What percentage of people over 65 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. Ultralow mortgage rates were a big driver of the increase, said Jennifer Molinsky, project director of the center's housing and aging society program.

What is the average age people pay off their mortgages? ›

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.

How many homeowners are behind on mortgage payments? ›

About five million U.S. households were estimated to be behind on their last month's mortgage repayment in June 2023. Homeowners between 40 and 54 years made up over 1.8 million households late on their payment. Second in rank were roughly 1.5 million homeowners between 25 and 39 years.

Do most retirees still have a mortgage? ›

According to a recent report from the Joint Center for Housing Studies of Harvard University, over 40% of homeowners over 64 had a mortgage in retirement.

What percentage of people never pay off their mortgage? ›

The share of US homes that are mortgage-free jumped 5 percentage points from 2012 to 2022, to a record just shy of 40%. More than half of these owners have reached retirement age. Freedom from mortgage debt gives them the option to age in place—or uproot to sunnier climes.

How many people over 70 still have a mortgage? ›

Nationally, a little more than 15 million homeowners 55 to 74 years old don't have a mortgage compared to about 17.7 million who do. For comparison, about 9.6 million homeowners 65 and up have a mortgage, while more than 16 million (16,184,634) don't.

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.

Do most people pay off mortgage before retirement? ›

11, 2023, at 9:27 a.m. Consider paying off the debt with the highest interest rate first. Some 44% of homeowners ages 60 to 70 carry a mortgage with them into retirement, according to mortgage banker American Financing.

What is the average mortgage debt in America? ›

Average Gen X debt by type
Type of debtAverage amount
Mortgage$277,153
Credit card$8,870
Total non-mortgage*$32,190
Jan 23, 2024

Are people falling behind on their mortgage payments? ›

Delinquencies increased by 16% year over year as consumers grapple with evolving macroeconomic challenges. With roughly 84 million mortgages active in the U.S., according to data from LendingTree, that would mean about 1,092,000 Americans are more than 60 days past due on their mortgages.

Are people defaulting on their loans? ›

However, Millennial and Gen Z borrowers aged 18 to 29 years old have seen the largest increase in default levels by a wide margin. All other age groups, which range from individuals aged 30 years to those aged 70 years and older, have seen increased default levels since 2022.

Are Americans behind on mortgages? ›

The share of borrowers who are behind on their mortgages — defined as a homeowner being 90 days or more past due — stands at 3.88% of all loans outstanding, according to the most recent MBA data. Between 1979 and 2023, the delinquency rate averaged 5.25%.

How many 65 year olds have a mortgage? ›

More Than 10 Million People 65 and Older Have a Mortgage — Here's Where They Make up the Largest Share of Homeowners. Jacob Channel is a Senior Economist for LendingTree.

Why does Dave Ramsey recommend paying off mortgage? ›

As Ramsey pointed out, paying more than the minimum amount due each month can cut down on the total amount of interest paid. This is because more of your hard-earned money is going toward the principal balance rather than the interest. Paying early and often also can lower the overall loan term.

What percentage of retirees are 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.

Should you keep a mortgage after 65? ›

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.

Is it hard for a 70 year old to get a mortgage? ›

As Federal Reserve economist Natee Amornsiripanitch noted in a recent brief, older mortgage applicants are “significantly” more likely to be rejected for a loan than similarly situated, but younger, borrowers. At the same time, loan rates increase steadily with age, peaking for new borrowers over the age of 60 and 70.

Top Articles
Latest Posts
Article information

Author: Allyn Kozey

Last Updated:

Views: 6367

Rating: 4.2 / 5 (43 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Allyn Kozey

Birthday: 1993-12-21

Address: Suite 454 40343 Larson Union, Port Melia, TX 16164

Phone: +2456904400762

Job: Investor Administrator

Hobby: Sketching, Puzzles, Pet, Mountaineering, Skydiving, Dowsing, Sports

Introduction: My name is Allyn Kozey, I am a outstanding, colorful, adventurous, encouraging, zealous, tender, helpful person who loves writing and wants to share my knowledge and understanding with you.