Nearly a Quarter of Senior Homeowners Still Have Mortgages

In the midst of a continued interest in homeownership through the economic downturn and Great Recession, the percentage of older American homeowners who have mortgages rose slightly, while the share who own a home with no mortgage or rent declined.

Those who have a home mortgage rose from 18% to 20% of those ages 65 and older, according to a report released by the Social Security Administration. 

Still the vast majority fall into the category of homeowners who own their homes free and clear, although that percentage has fallen slightly from nearly 63% to just over 60%.

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Housing expenditures rose across the board for the 65-plus age group, rising from 29% to 31% of total expenditures for those without mortgages, according to the SSA. For those who have a mortgage, housing rose from 35 percent to 39 percent of total expenditures. 

View the report. 

Written by Elizabeth Ecker

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  • I would be curious to know what percentage of those with a mortgage had a reverse mortgage. It would be interesting to know if it was a third of those with mortgages that had a reverse mortgage, a quarter, or even less than that.

    Frank J. Kautz, II
    Staff Attorney

    Community Service Network, Inc.
    52 Broadway
    Stoneham, MA 02180
    (781) 438-1977
    (781) 438-6037 fax
    FrankKautz@csninc.org –work
    Frank@Kautzlaw.com –private

    • According to the study they looked at 24.6 million CUs (households). So 21.7% of those as owner households with mortgages is approximately 5.34 million. We currently have about 630K active reverse mortgages, so even if we assume they’re all 65 and older (they’re not) then it would be about 12% of mortgages for households 65 and older are reverses.

      In all likelihood, it’s probably closer to 10% given how many 62-64 age households we’ve seen take reverses in past few years.

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