Mortgage debt has become an increasing trend for older adults, making retirement security a concern for many homeowners.
The Consumer Financial Protection Bureau has been tracking this recent trend, and has recently released a report titled “A snapshot of older consumers and mortgage debt.”
The snapshot is composed of data from the Census Bureau, the Federal Reserve, and the CFPB’s consumer complaints, among other sources, to show that:
- Today, fewer older homeowners own their homes free and clear. The share of homeowners with a mortgage increased from 22 to 30 percent between 2001 and 2011.
- The total median value of the mortgage debt also increased from approximately $43,400 to $79,000.*
This interesting report outlines many of the problems that older americans, particularly those that own homes, are facing today. Read the full report here.
A snapshot of older consumers and mortgage debt [Consumer Financial Protection Bureau]
*Statistics taken from the CFPB’s “A snapshot of older consumers and mortgage debt.”