Senior Citizens Paying Off Mortgages At Slower Rate
Historically, very few senior citizens have carried mortgages into their later years. The tradition is that mortgages will be paid off and housing will be a cost that is very low. But now more and more senior citizens are paying a mortgage and that will have an impact on their quality of life.
Welcome to a new era in home borrowing, where long-term mortgages and home equity loans are taking their place alongside AARP cards and pension checks as never before. About 25% of all Americans over age 65 have yet to pay off their home loans, up from 11% in 1983, according to a Boston College analysis of Federal Reserve Board data.
For many older homeowners, such as Edelen, the decision to carry housing debt deeper into their twilight years is by choice. They see their homes — rather than savings accounts — as piggy banks that can be tapped through home equity loans or refinancings to provide ready cash. via Los Angeles Times
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