Most Senior Debt Tied to Housing Expenses

Mar 30, 2018

Homeowner-related expenses including mortgages and home equity loans are the largest source of debt for older Americans, according to a new survey released by SeniorHomes.com.

More than half of Americans who are 55 or over are in debt, with 40 percent owing $50,000 or more to creditors. Fifty-two percent of the survey’s respondents cited homeownership costs as the primary source of their financial burden, far ahead of the debts related to automobile loans (17 percent) and medical bills (12 percent). However, among seniors earning less than $49,000 per year, 49 percent listed medical debt as their main source of debt, while only 8 percent of those who earned $50,000 or more said the same.

“For most Americans, the golden years are not debt-free,” said Tim Sullivan, Vice President of SeniorHomes.com. “This can make it tough to put aside the funds you need not only in retirement, but for the day when you or your spouse need some type of senior care.”

Sullivan added that adults over 65 often face significant debt but are less likely to pursue debt reduction strategies.

“We encourage seniors to realistically consider their future care needs when deciding how to tackle their debt,” Sullivan said.

About the author

Phil Hall

Link copied

Published

Mar 30, 2018

Analysis and Data

Bay Area Buyers Bring Bigger Down Payments As AI Wealth Grows

New Realtor.com report suggests AI-driven wealth is reshaping competition for homes across California's most expensive markets

Artificial intelligence may be creating a new class of homebuyers in California — and mortgage professionals are beginning to see the effects.A recent Realtor.com report found that Bay Area homebuyers are continuing to make unusually large down payments even as mortgage rate...

Operations

APM Acquires Synergy One Lending, Forms $14B Lender

The deal marks CEO Dustin Sheppard's first major strategic move since taking the helm at APM in October 2025

On June 5, American Pacific Mortgage (APM) acquired Synergy One Lending (Synergy One), combining two of the top-30 retail lenders in the country, per Modex, to build a national platform “for the next era of retail lending,” according to APM’s press release.Following the deal...

Oct

Colorado Mortgage Summit

Denver, CO

More from

Reverse

Reverse Mortgage Borrowers Are Showing Up Too Late

GreenPath data suggests more seniors are arriving later in the financial cycle, limiting flexibility for loan structuring

Reverse

Apr 22, 2026

HECM Volume Rebounds In March But Signals Persisting Reverse Mortgage Slowdown

Endorsements rise month over month, but flat annual volume and growing proprietary competition reshape opportunity for LOs

Reverse

Apr 07, 2026

Finance Of America Launches Second-Lien Reverse Mortgage Amid Rate Lock-In Demand

New HomeSafe second line of credit targets equity-rich homeowners seeking access to cash without refinancing into higher rates or taking on monthly payments

Reverse

Apr 02, 2026

Mortgage Cadence Exec George Morales Joins NRMLA Board

George Morales, National Sales Director at Mortgage Cadence, has been elected to the NRMLA Board of Directors, where he will help guide reverse mortgage industry policy, modernization, and consumer-focused innovation

People On The Move

Dec 05, 2025

MBA Proposes Changes To Stabilize The Reverse Mortgage Market

The Mortgage Bankers Association has urged the FHA and Ginnie Mae to modernize and overhaul the HECM and HMBS programs to expand senior access, cut costs, and restore market liquidity

Reverse

Dec 01, 2025

Finance Of America To Acquire PHH’s Reverse Mortgage Assets

PHH has agreed to sell reverse mortgage servicing rights, comprised of approximately 40,000 Ginnie Mae HECM loans, with an unpaid principal balance of $9.6 billion, as PHH becomes the subservicer for the reverse MSRs under a three-year agreement

Industry News

Nov 18, 2025

Popular