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Retiring With a Mortgage? Part 2

Are you retiring with a mortgage? 

More and more people retire with a mortgage. 30 years ago, only 24% of homeowners age 65-79 and only 3% of those over age 80 had outstanding mortgages, home equity loans, or home equity lines of credit. The median balance for those 65-79 was only $16,000. Those age 80 and above carried a mortgage of $7,500. Wow! Have things changed! Carrying a mortgage into retirement isn’t wrong. However, financial stress occurs when consumer debt stretches fixed incomes. Rather than worrying about paying off a mortgage before you retire, pay off all other debt and avoid it in the future. Credit cards can be beneficial when paid in full each month. Embrace a payback plan like the snowball or avalanche methods. Just go to to learn more. You can postpone retirement or work part time to help pay off debt.

Another option to consider is down-sizing to reduce the cost of utilities, repairs, maintenance and property taxes. Or think about a granny pad on your children’s property. Or how about taking in renters? Is your home one in which you can age in place so you can avoid assisted living? If not, what kind of renovations are needed and what would they cost? Remember “The rich rules over the poor, and the borrower becomes a slave to the lender.” (Proverbs 22:7) So young or old, I hope you’ll discover the freedom found by following God’s financial principles.

And if you’re tired of being stressed out due to credit card debt, then contact Christian Credit Counselors. They’ll create a debt management plan that can work for you. For more information call the Crown Helpline: 800-722-1976 or visit online at