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Remaking RetirementDebt in an Aging Economy$
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Olivia Mitchell and Annamaria Lusardi

Print publication date: 2020

Print ISBN-13: 9780198867524

Published to Oxford Scholarship Online: November 2020

DOI: 10.1093/oso/9780198867524.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 November 2021

Mortgage Foreclosures and Older Americans

Mortgage Foreclosures and Older Americans

A Decade after the Great Recession

Chapter:
(p.106) Chapter 6 Mortgage Foreclosures and Older Americans
Source:
Remaking Retirement
Author(s):

Lori A. Trawinski

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198867524.003.0006

Economic conditions improved since the 2008–09 mortgage market crisis, and home prices recovered in many areas. Nevertheless, over time, growing numbers of older households have taken on greater mortgage debt than in the past. These families are also carrying mortgage loans into retirement, far more than they did in the past. Foreclosure rates for all loans have decreased to pre-recession levels for borrowers under age 50, while for borrowers age 50+, foreclosure rates in 2017 were higher than in 2007. This means that many older homeowners may face the loss of their homes, despite the fact that the economy improved after the financial crisis.

Keywords:   older adults, mortgages, foreclosure rates, Great Recession, subprime loans

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