{"id":7450,"date":"2017-12-13T00:00:00","date_gmt":"2017-12-13T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/44-of-retirees-still-have-a-mortgage\/"},"modified":"2017-12-13T00:00:00","modified_gmt":"2017-12-13T00:00:00","slug":"44-of-retirees-still-have-a-mortgage","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/44-of-retirees-still-have-a-mortgage\/","title":{"rendered":"44% of Retirees Still Have a Mortgage"},"content":{"rendered":"

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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

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\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":"

Many retirees are worried if they\u2019ll ever be able to pay off their mortgage. Forty-four percent … 44% of Retirees Still Have a Mortgage<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7451,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,518,447,12908,543,627,408,1295,312,1007,41,818,479,15282],"class_list":["post-7450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-america","tag-financing","tag-home","tag-home-buying-guide","tag-homeowners","tag-mortgage","tag-mortgage-rate","tag-mortgages","tag-owners","tag-property","tag-real","tag-realtor","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/AmericanFinancingInfographic.jpg?fit=580%2C580&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":747,"url":"https:\/\/amazingproperty.com.ng\/blog\/boomers-spooked-by-housing-affordability\/","url_meta":{"origin":7450,"position":0},"title":"Boomers Spooked by Housing Affordability","author":"Amazing Property","date":"February 13, 2017","format":false,"excerpt":"[ad_1] Nearly a third of baby boomers say they experience anxiety \u2013 at least once a month \u2013 about being able to afford where they live. Forty-two percent of retirees report having such anxiety on a daily basis, according to a new survey by The NHP Foundation of 1,000 Americans\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1272,"url":"https:\/\/amazingproperty.com.ng\/blog\/help-boomers-start-navigating-retirement\/","url_meta":{"origin":7450,"position":1},"title":"Help Boomers Start Navigating Retirement","author":"Amazing Property","date":"February 24, 2017","format":false,"excerpt":"[ad_1] Brokers will play a key role in helping homeowners live more comfortably and be more financially secure in retirement, as three out of four adults say they plan to downsize their home to lower ongoing costs and cash in on the equity. 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Realtor.com\u00ae recently featured some of the biggest mistakes experts say retirees most\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":625,"url":"https:\/\/amazingproperty.com.ng\/blog\/buy-a-home-with-no-monthly-payments\/","url_meta":{"origin":7450,"position":3},"title":"Buy a Home With No Monthly Payments?","author":"Amazing Property","date":"February 3, 2017","format":false,"excerpt":"Reverse mortgages for purchases have been around a while but they stand to see more use as younger baby boomers hit retirement age. The mortgages are backed by FHA and they let households buy a home without having to make monthly mortgage payments. Instead, buyers put up a fairly sizable\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2017,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-is-a-reverse-mortgage\/","url_meta":{"origin":7450,"position":4},"title":"What Is a Reverse Mortgage?","author":"Amazing Property","date":"March 18, 2017","format":false,"excerpt":"\u00a0 By American Advisors Group As you pull into your driveway and up to your garage, you take a good long look at your house.\u00a0 The fresh exterior paint you had applied about a year ago still glistens in the sun, and the roof shingles you had installed still sit\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7747,"url":"https:\/\/amazingproperty.com.ng\/blog\/some-retirees-still-face-years-of-mortgage-payments\/","url_meta":{"origin":7450,"position":5},"title":"Some Retirees Still Face Years of Mortgage Payments","author":"Amazing Property","date":"January 7, 2018","format":false,"excerpt":"Fewer seniors own their home free and clear, as 32 percent of homeowners ages 60 to 70 say it will take them more than another eight years to pay... 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