Retiring Boomers Still Have Mortgages to Pay Down

Heavy home financing leaves retirees mired in debt
Photograph by Getty Images

A growing number of U.S. homeowners reach retirement still owing money on their houses. The share of Americans 65 and older with mortgage debt rose to 30 percent in 2011, from 22 percent in 2001, according to a May analysis by the Consumer Financial Protection Bureau (CFPB). Loan balances also increased, with the median amount owed almost doubling, to $79,000 from $43,400, after adjusting for inflation.

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