CFPB: Snapshot of Older Americans and Mortgage Debt
The CFPB has been tracking the increasing levels of debt among older Americans. Today, older homeowners are carrying more mortgage debt than ever before. For many of the roughly 4.4 million retired homeowners with mortgages, making monthly mortgage payments on a fixed income on top of other monthly expenses is a hardship.
Check out the snapshot of older consumers and mortgage debt: consumerfinance.gov/reports/snapshot-of-older-consumers-and-mortgage-debt
The snapshot gathers data from the Census Bureau, the Federal Reserve, and the CFPB’s consumer complaints, among other sources, to show that:
- Today, fewer older homeowners own their homes free and clear. The share of homeowners with a mortgage increased from 22 to 30 percent between 2001 and 2011.
- The total median value of the mortgage debt also increased from approximately $43,400 to $79,000.
To learn more about these and other findings, read the snapshot at: consumerfinance.gov/reports/snapshot-of-older-consumers-and-mortgage-debt