Is A Fully Paid-Off Home in Retirement Really Worth It?
February 18, 2025
Retirees have more mortgage debt than ever before.
According to a report from the Joint Center for Housing Studies of Harvard University, the share of homeowners ages 65 to 79 with a mortgage on their primary home increased from 24% to 41% between 1989 and 2022.
The amount of debt also increased, with the median mortgage balance rising from $21,000 in 1989 to $110,000 in 2022. That’s on an inflation-adjusted basis, with both amounts in 2022 dollars. Homeowners 80 and up saw an even sharper 750% increase during this time, as the median mortgage balance jumped from $9,000 to $79,000 among retirees 80 and over.
Does paying off a mortgage ASAP make sense for retirees?
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