More retired homeowners using housing wealth to clear debt

Retired homeowners are sitting on more than 1.1tn in housing wealth as property values soar by 3,500 a month The total property wealth of people who are over 65 and have paid off their mortgage reach a new record high of 1.101tn at the end of August

More People Turning to Housing Wealth in Retirement By The Bower Team / In Retirement Planning Unsurprisingly more and more people are beginning to recognise that the wealth tied up in their homes can help them to enjoy their retirement.

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The research starts out by pointing out that nearly 30 percent of Americans own their homes free and clear. Okay. But that isn’t something new. In fact, in 2000 the rate was 30 percent and in 1990 and 1980 it was at 35 percent, in 1970 it was 39 percent, and in 1960 it was up to 42 percent .

According to a report from the Center for Retirement Research, using data from the Federal Reserve’s Survey of Consumer Finances, from 2001 to 2013, the housing debt-to-income ratio rose by 52 percentage points for Americans 55 and older, while it grew by a much lower rate for younger households.

cohort analysis, through 1992, that includes housing wealth and housing debt. coronado et al (2006) analyze home equity and net worth using two waves of the Health and Retirement Survey (HRS). We examine related issues using the SCF, which enables us to examine many more

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Two clear divides emerged along traditional markers of wealth: homeownership and retirement savings. The middle class has more debt to pay off, which makes it harder to save – as a result, they.

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John wonders how much we will need to live comfortably after retirement. Dave gives him a quick way to determine the amount, plus some extra advice for making the process even easier. Read Transcript Which Is More Important: Paying Off the House or Investing in My 401(k)? Gus is 50 years old with $500,000 in retirement accounts.

More homeowners using their home to fund retirement New figures have highlighted the appeal of using housing wealth to help fund later life and it’s becoming a more ‘accessible’ option to people, a residential property law expert said today.