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News & Press: Industry News

Mortgage Free Boomers Less Common

Tuesday, October 17, 2017  
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According to Fannie Mae, paying off the mortgage going into retirement has become less common in recent years. The 33 million home owners in the Baby Boomer generation are reaching retirement age with a higher likelihood of carrying housing debt than the so-called Silent Generation. Among the oldest Boomer homeowners, who were age 65-69 in 2015, slightly less than 50 percent were mortgage-free, down 10 percentage points compared with prior generation homeowners of the same age in 2000. Although the recent housing market recovery has led to increasing free and clear home ownership, projections by Fannie Mae reveal that Boomers are unlikely to be mortgage-free at retirement at the same rate as their predecessors.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851