Twenty-five percent of Americans 75 and older carried a mortgage in 2022. That’s up from 5 percent in 1995. Those 75 and over had on average a mortgage balance of $163,000. So, retirees having mortgages is not uncommon.
But does carrying that mortgage hurt you? After all, that’s probably a large payment every month. And if you’re on a fixed income, that can be a strain. Some retirees double their payments, trying to shrink it. But is that wise? How does a mortgage affect your retirement?
