According to recent research from LIMRA, for those ages 55 to 64, 37% of people were retiring with mortgage debt in 1989, while 2010 saw that figure rise to 54%. For those ages 65 to 74, the figures over the same time frame increased from 22% to 41%. And for those 75 or older, the figures over that period increased from 6% to 24%.
The research also revealed that today people are retiring with a much larger amount of mortgage debt. During the previously mentioned 1989 to 2010 time period, the median amount of mortgage debt for those ages 55 to 64 increased from $34,000 to $97,000. Those in the 65 to 74 age range saw an increase from $15,000 to $70,000. And for those 75 or older, the average amount of mortgage debt upon retiring moved from $12,000 to $52,000.
The LIMRA research was done in conjunction with the AARP Public Policy Institute.