Do Arapahoe County CO Seniors Carry More Debt Than Ever

Dated: 05/11/2014

Views: 1193

The home ownership rate among Americans age 65 and older has remained
at a constant 80 percent for the past decade, the percent of older Americans
with outstanding mortgage debt has increased.

About 30 percent of older Americans hold mortgage debt as of 2011, which is
8 percentage points from 2001.
In 2001, 8.4 percent of those 75 and older had outstanding mortgages,
while 21.2 percent had outstanding mortgages in 2011
About 4.4 million Americans are retired and still paying on their mortgage loans
In 2001, the median outstanding mortgage debt among older
mortgage holders was $43,300.  
As of 2011, the median debt among seniors
 with outstanding mortgages was $79,000.

About half of retired seniors with mortgage debt pay more
than 30 percent of their household 
income on housing costs.
The foregoing facts drive decisions to perhaps downsize, or move to a
less expensive community,
or move in with family and friends, or borrow
against their home equity through a Reverse Mortgage.

Arapahoe County CO Properties For Sale - Bart Rice - Broker Associate
Your Local Real Estate Expert in Littleton, Centennial, Englewood
Aurora, and all of Arapahoe County CO.  You now have FREE access to
the Colorado Real Estate Search Engine, or you can call me Today and
we can discuss how I can help you save $1,000s when you Buy, Invest,
or Sell real estate.  BART RICE  (720) 289-8666. 
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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