Home mortgage loans typically account for the largest portion of debt on most Americans' credit reports, with balances averaging $150,000. While homeowners are often advised that they should pay off their mortgage before retirement to reduce their financial burden, this has become increasingly challenging as homes have become more expensive. A recent study from online lending marketplace LendingTree found that more than 10.5 million homes nationwide are owned by people aged 65 and older who still carry mortgages.
Homeowners in this category are predominantly found in larger, more expensive cities. Las Vegas, Los Angeles, and San Diego have the largest share of mortgage carriers over 65, owning more than 25% of housing units in these areas.
Comparatively, that figure is 19.76% across the 50 largest metros.
Austin, Texas, Dallas and Salt Lake City have the smallest share of homes with mortgages owned by 65-and-older homeowners. Among the housing units with mortgages in these metros, only 14.64% are owned by people 65 and older. Read more
