The Consumer Financial Protection Bureau (CFPB) says 30 percent of homeowners over 70 have mortgages to pay off. A study for 2001 reports eight percent of owners over 75 were carrying mortgage debt. More homeowners over 65 continue to pay on their homes into their retirement years, and that may make it more difficult for them to remain in their homes long term. Health care costs, property taxes and home maintenance will likely rise against incomes that rise little, if at all. Eric Belsky, managing director for Harvard University’s Joint Center for Housing Studies, states the number of households with persons over 65 will rise by 11 million over the next ten years. As nytimes.com reports, reverse mortgages may become more prominent. The homeowner borrows against home equity, but must have enough resources to maintain insurance and taxes, or they could lose the home. Most reverse mortgages are insured by the Federal Housing Administration (FHA), MHProNews has learned. A study of 32,000 people who sought information about reverse mortgages from 2006 to 2011 will be released in Nov. 2013.
