USA Today (June 5th, 2007) had some surprising statistics on retirees and mortgages.
Quoting a survey by Financial Freedom Senior Funding Group of 1,063 adults 62 to 75 years old, they reported that almost 31 per cent of the sample still carried mortgages.
Of those:
16% had one to five years remaining.
25% had more than five years, but less than 10.
32% had more than 10 years, but less than 20.
27% had 20 years or more.
(Financial Freedom says their survey has an error ratio of plus or minus 3 percentage points.)
If those figures represented a national average, and if all participants in the survey were currently 62 and over, an astounding 16% of retirees could find themselves saddled with mortgage payments well beyond their 72nd birthday - a time in their lives when they'll most likely be on fixed incomes!
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