The Consumer Financial Protection Bureau (CFPB) released a snapshot report spotlighting the mortgage debt challenges faced by a growing number of older Americans. These challenges include more mortgage debt, less affordable housing and greater risk of foreclosure. The CFPB also issued a consumer advisory reminding older consumers approaching retirement to think about their mortgage pay-off date and to consider their retirement income and expenses.
“A home can be a place of security for older Americans in their retirement years — a roof over their heads as well as a valuable asset,” said CFPB Director Richard Cordray. “But as more seniors carry significant mortgages into retirement, they put themselves at risk of losing their nest eggs and their homes.”
TO READ THE FULL STORY
Cover Story: