Affordable Housing, Community Development, Reports and Publications

Baby Boomers Debt Dwarfs Home Values

Prudential Financial

Prudential Financial recently released a report finding that between 1989 and 2013 housing debt increased by 393% for those nearing retirement due to low interest rates, easy access to home equity credit lines, and mortgage refinancing. During this same time period, home values only increased by 76%.

Housing debt can be overwhelming when one spouse passes away. As the report noted, “the debt lives on, but income drops.”

Those who are not prepared for this decrease in income may be forced to sell their home. Perlin recommends that baby boomers consider life insurance to protect themselves from this financial hardship.

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