You are currently viewing A Mortgage After 65: A ‘No Brainer’ or a Big Risk?

Fueled by once-low rates, more older Americans have mortgage debt, according to new research. But the downsides can be significant, some experts say.

Conventional wisdom dictates that retiring with debt — especially a debt as large and significant as a mortgage — is financially dicey at best and potentially ruinous at worst.

That’s not how Brian Lindmeier sees it. “It just doesn’t make any sense at all to pay off the house,” he said.

Mr. Lindmeier, 80, a retired purchasing and inventory manager, and his wife, Cindy, who retired from the local public school system, refinanced their home in Orange, Calif., at the end of 2020. They rolled over their balance into a new 30-year loan and slashed their interest rate in half to a rate below 3 percent. Mr. Lindmeier called the move a “no brainer.”

“The money I’d have to take out of my savings or out of my investments is yielding

Keep reading this article on The New York Times Your Money.

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