home equity mortgage refinance loan

More elderly keeping mortgages

BOSTON, July 22 (UPI) -- A quarter of U.S. homeowners over age 65 are still making mortgage payments, up from 11 percent in 1983, a Boston College study indicates.

The trend indicates homes are becoming a primary source of cash for many of the nation's elderly, who would rather refinance or get a home-equity loan than put money away into savings, the Los Angeles Times reported Saturday.

It also reflects a lifestyle change from an earlier time, when Depression-era Americans were more debt-averse, the Times said.

People who marry or remarry in middle age often make down payments on a home at a stage in life when their own parents had already paid off the mortgage, the newspaper said. Others may pay off their mortgages, but then refinance to help make ends meet in retirement, pushing their debt deep into old age.

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