Markets· August 16, 2026 at 04:31 p.m.
Rising Mortgage Debt Among Older Americans Challenges Retirement Plans
Key takeaways
- 41% of homeowners between ages 65 and 79 still have mortgage debt
- 31% of homeowners aged 80 and above are making mortgage payments
- $93 trillion in assets held by baby boomers, but only $36 trillion expected to be passed on
A growing number of older Americans are carrying mortgage debt into retirement, according to new research from Visa. In 2022, 41% of homeowners between ages 65 and 79 still have mortgage debt, while even among those aged 80 and above, 31% are making payments, up from just 3% in 1989.
The research reveals that baby boomers hold an estimated $93 trillion in assets. However, after accounting for debt, retirement spending, taxes, and charitable giving, only about $36 trillion is expected to be passed on to Gen X and millennials.
Visa also found that mortgage debt is just one piece of the puzzle. Baby boomers collectively carry more than $4 trillion in debt, including credit cards, auto loans, personal loans, and borrowing tied to investment accounts.
Many older homeowners spend a significant portion of their income on housing costs, leaving less for retirement savings and potentially reducing the amount passed on to future generations.
