Seniors Carrying Greatest Increases in Mortgage Debt

  • Written by Phil Hall for National Mortgage Professional Magazine
Senior citizens have experienced the greatest increase in mortgage debt between 2008 and 2018, according to new data from Experian.
Among age demographics, those aged 72 and older had the highest credit scores than their younger counterparts, but also recorded the most significant drop in average credit scores over the 10-year period, falling from 772 in 2008 to 732 in 2018. This group also carried the largest increase in mortgage debt, from $131,133 in 2008 to $160,735 in 2018.

In comparison, those aged 51 to 71 saw their mortgage debt balloon from $209,442 in 2008 to $239,009 in 2018.

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