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. Increases in inflation and the cost of living can overwhelm those living on a fixed income, according to an article published this week in USA Today.
“Retirement researchers warn that mortgage debt in retirement can be a trap,” the article explained.
According to data from the Survey of Consumer Finances maintained by the Federal Reserve, the share of Americans ages 75 and older who have mortgage debt has risen from 5% in 1995 to 25% in 2022.
The amount that these same homeowners owe on their mortgages has also risen considerably, going from a median of $14,000 to $102,000 in the same period of time.
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