A recent “Retirement and Mortgages” survey by American Financing, a national mortgage banker, found 44 percent of Americans age 60 to 70 have a mortgage when they retire, with as many as 17 percent saying they may never pay it off. Twenty percent of those who retire with a mortgage will pay it in full within one year. However, about half (48 percent) are unsure of what they will do if retirement funds run low. Retirees and pre-retirees can look into refinancing or a reverse mortgage as potential solutions to reduce or eliminate mortgage debt. American Financing’s survey found 19 percent of those surveyed don’t know what a reverse mortgage is, while 15 percent would be open to considering one.

Source: Washington Post March 22, 2018 09:22 UTC