If you’re an older American and you’re having trouble with debt collectors, you’re not alone. Since July 2013, older Americans have submitted approximately 8,700 complaints to us about debt collection. We looked at these complaints and described the most common problems that consumers are experiencing in our snapshot of debt collection complaints submitted by older [...]
More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that. Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the [...]
Compared to a decade ago, there are fewer older homeowners who own their homes free and clear. Older homeowners are also carrying more mortgage debt. While the share of older homeowners with a mortgage increased from 22 to 30 percent between 2001 and 2011, the median amount of their mortgage debt grew from about $ [...]
