Baby Boomers Accelerate Their Advance into Free-and-Clear Homeownership
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چکیده
Paying off the mortgage, once a widespread rite of passage for homeowners approaching retirement, has become less common in recent years. Concerns are mounting that the increased prevalence of housing debt among older homeowners could compromise financial security in retirement by expanding housing affordability problems, crimping essential nonhousing spending, increasing vulnerability to home loss through foreclosure, or limiting the accumulation of housing wealth.1 These concerns are amplified by the fact that the large Baby Boomer generation, which includes about 33 million owner occupants, has begun to reach retirement age.2
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