Frank Piemonte over at River Communications, a company that handles public relations, marketing, and corporate communications for many prominent clients, sent me some info that was new to me. He says that according to the Senior Sentiment Survey from Financial Freedom, some one-third of senior homeowners are carrying mortgage debt on their primary home. We’re talking about seniors aged 62-75. And of these seniors, 59 percent indicate they still have 10 years of more before the mortgage is paid off while 27 percent have more than 20 years left on their mortgages.Financial Freedom commissioned Harris Interactive to conduct this, its third annual study on the opinions of senior citizens in the U.S.
Looking at views on retirement and retirement planning, the study says that senior citizens overall appear to be prepared for a modest retirement and don’t feel the need to use their home as a means to supplement their retirement income. In fact, about six in 10 seniors look at their homes as a retirement asset although a full 60 percent do not plan to use means outside Social Security, pensions, or cash as a way to supplement their retirement income. Rather, the primary intention is to leave their homes to heirs, as indicated by 42 percent of seniors. About one-fifth will sell their homes and move.
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