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Senior Citizens Entering Retirement With Large Amount Of Mortgage Debt
The increasing concern over the number of college graduates who are starting off their career with huge student loan debt, is well know and has been highly publicized.  What is not as well know, but in my opinion of equal concern, is the increasing number of Senior Citizens Entering Retirement With Large Amount Of Mortgage Debt.
The latest data from the CFPB's Office for Older Americans shows the number of Americans 65 and older with mortgage debt has grown from 22% in 2001 to 30% in 2011, and this increasing mortgage debt among senior citizens appears to still be rising.  Data from the CFPB's Office for Older Americans further shows that from 2007 to 2011, the number of homeowner between the ages of 65 and 75 who are 90 days or more delinquent on their mortgage rose from .85% to 4.96%.  That is more than a 4% increase in just 4 years of senior citizens who are at risk of losing their home to foreclosure.
These increasing number of senior citizens at risk of losing their homes, is mainly due to income loss at time of retirement.  More and more American Workers are not setting money aside for retirement.  A couple of reasons for this is ... more

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