Many Older Americans In Mortgage Debt

Boston College for Retirement Research found through a recent study that many older Americans are deciding to work longer and put off retirement due to large debt, particularly caused by mortgages. For those Americans who cannot continue to work because of disability or health problems, experts say that reverse mortgages may be a financial lifesaver. Researchers, Barbara Butrica and Nadia Karamcheva said, “Americans’ indebtedness has increased dramatically since the 1980s—a trend likely to have important implications for retirement security, not only does the presence of debt influence older adults’ behavior, but so do the amount and type of debt—particularly outstanding mortgages.” According to experts the three main options senior Americans have to help decrease debt by mortgage are to sell the home, declare bankruptcy or apply for a reverse mortgage. More here

This entry was posted in Healthy Living. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s