Many retirees are worried if they\u2019ll ever be able to pay off their mortgage<\/a>. Forty-four percent of 60- to 70-year-old retirees have a mortgage in retirement, according to American Financing\u2019s 2017 Retirement and Mortgages Survey. Thirty-two percent predict it will take still take them more than eight years to pay off their mortgage.<\/p>\n\n Baby boomers are carrying mortgage debt into retirement more than previous generations, a survey by Fannie Mae showed earlier this year.<\/p>\n\n \u201cPart of the American dream, and homeownership, is the expectation that after years of hard work, you can retire with financial security\u2014but the unfortunate reality for many of today\u2019s baby boomers is that their debt burden remains high,\u201d says Carrie Niess, business analyst at American Financing<\/a>. \u201cAs concerning as this is, there are still many untapped options, such as refinancing and reverse mortgages, which a lot of folks could benefit from.\u201d<\/p>\n\n Sixty-four percent of 60- to 70-year-olds say, as of now, they plan to remain in their current home. Sixty-two percent say they plan to one day leave their home to their children or their estate, according to the survey of 800 consumers between the ages of 60 and 70 across the U.S.<\/p>\n\n Fifty-eight percent of boomers say they have refinanced their loan<\/a> at some point, mostly motivated to do so in order to lower their mortgage rate. But 19 percent say they do not know what a reverse mortgage is.<\/p>\n\n \u00a0<\/p>\n\n Source: American Financing<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n\n\n Realtors <\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_dec\/AmericanFinancingInfographic.jpg\")
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