The writer wanted to know how many retirees were still making house payments.
Background info
There about 110 million "households" in the United States
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25 million of them live in housing that is completely paid for, that is, the bank does not have a lien against the property.
When broken down by age group we see
- For the age group 60-64, there are three people still paying on their mortgage for every two people who have their mortgage paid off.
- For people ages 65-74 there is almost a one-for-one ratio between those who are still paying and those who have their house paid off
- For people age 75 and older there are four people still paying for every fifteen who have their mortgage paid off. This big jump may be due to life insurance pay-outs being used to tidy up finances.
At age 60, my lady and I bought a house and they gave us a 30 year fixed mortgage at a really good interest rate. My mortgage is much cheaper than rent, and I figure that the mortgage company is being very optimistic if they think I'll live to pay it off.
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