Boomers More Likely to Carry Mortgages Into Retirement


Posted To: MND NewsWire

While earlier generations tended to pay off their mortgages before they retired, the leading edge of Baby Boomers, now in their late 60s and early 70s have been less likely to do so. Fannie Mae says the increasing prevalence of housing debt among the 33 million-member strong generation has raised concerns it could compromise their retirement security. Carrying mortgage debt could expand housing affordability problems, crimp essential spending in other areas, limit the accumulation of housing wealth, and raise seniors’ exposure to foreclosure. Patrick Simmons, Director of Strategic Planning in Fannie Mae’s Economic & Strategic Research Group writes in the current edition of the company’s Housing Insights that, while several studies have documented the rise of mortgage debt among older homeowners…(read more)

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