A few decades ago, homeowners could retire without a mortgage. They could enjoy the golden years of their life. But the refinancing trend resulted in a great deal of mortgage debt. Many people also bought homes later in life, and this is another reason why retirees will be left with a mortgage.
According to an article on Consumerist, a new report by the Consumer Financial Protection Bureau digs deeper into these mortgage challenges. The report includes a greater risk of going into foreclosure and less affordable housing options as some of the challenges that older Americans face.
The last decade has seen an increase of mortgage debt for retirees of over 80%. Many other homeowners have less home equity as well. Another problem is that homeowners spend over a third of their income on housing related costs. These problems have resulted in an increasing number of foreclosures for homeowners 65 and over.
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