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Seniors with mortgages

December 13th, 2007 at 04:48 pm

A few years ago we talked to some senior citizens about building them a new house. I was surprised when they talked about getting a mortage!
I just read a short article what stated that 40% of all seniors age 62 to 75 will retire with mortgages and some of them never expect to pay it off.
Boy, I hope they get a lot bigger social security check than I do. I could never pay a mortgage on $538 a month.
Glad I paid mine off many years ago!

1 Responses to “Seniors with mortgages”

  1. Aleta Says:
    1197568637

    I'm with you on that one. My step-father never wanted to pay off his house. I think it had something to do with the depression thinking that they grew up with. He was always wanting to hold on to his money and take the deduction at the end of the year on interest. Problem is that just before he retired, he was using a standard deduction and the interest he paid wasn't benefiting him.

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