Seniors Carrying Greatest Increases in Mortgage Debt – NMP
Industry News

Seniors Carrying Greatest Increases in Mortgage Debt

May 20, 2019
Photo credit: Getty Images/William_Potter

Senior citizens have experienced the greatest increase in mortgage debt between 2008 and 2018, according to new data from Experian.
 
Among age demographics, those aged 72 and older had the highest credit scores than their younger counterparts, but also recorded the most significant drop in average credit scores over the 10-year period, falling from 772 in 2008 to 732 in 2018. This group also carried the largest increase in mortgage debt, from $131,133 in 2008 to $160,735 in 2018.
 
In comparison, those aged 51 to 71 saw their mortgage debt balloon from $209,442 in 2008 to $239,009 in 2018. Consumers aged 22 to 35 recorded an average mortgage debt $192,554 in 2008, but saw the level spike to $209,713 in 2018. On a national average, the average mortgage debt level rose from $191,357 in 2008 to $208,180 in 2018.
 
"With this annual report, our goal is to provide insights that help consumers make more informed decisions about credit use to change their financial habits and improve financial access," said Rod Griffin, director of consumer education and awareness at Experian. "Understanding the factors that influence their overall credit profile can help consumers lead financially empowered lives."
 
About the author
Phil Hall
Link copied
Published
May 20, 2019
Get the NMP Daily
Wholesale
Rocket Pro Broadens Refi Pricing Push, Extends 100-BPS Purchase Credit

August Power Play reaches beyond cash-out refinances while pairing near-term pricing incentives with a longer-term broker technology play

Rocket Pro is broadening its refinance incentive and extending its stacked purchase credit for August, giving mortgage brokers another reason to revisit past clients while elevated rates continue to limit origination volume.The wholesale lender’s August Power Play increases ...

Continue reading
Non-QM
Angel Oak Boosts Non-QM, HELOC Purchases 39% In Q2

Executives point to healthy securitization demand and fresh capital for additional loan purchases during the mortgage REIT’s second-quarter earnings call

Angel Oak Mortgage REIT purchased $204 million in newly originated Non-QM mortgages and home equity lines of credit during the second quarter, up approximately 39% from a year earlier but down 17% from the first quarter.The results, combined with two securitizations complete...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026