Since April 2020, the Census Bureau has tracked the number and characteristics of homeowners struggling to make their mortgage payments. As of July 2021, an estimated 682,400 older adults, defined as adults age 65 and older, were behind on their mortgage payments. Hundreds of thousands of older homeowners are behind on their mortgage payments, and more expect to miss next month’s payment In July 2021, about 682,400 older homeowners were behind on their mortgage payments. In addition, 236,000 older homeowners who were current on their mortgage had no confidence they would be able to make their next month’s payment. While the number of older homeowners behind on their mortgage payments appears to be decreasing in recent months, the survey data show large variations over time. Accordingly, the CFPB will continue to monitor emerging data and identify concerning trends
Older homeowners of color and homeowners with incomes below $25,000 are more likely to be behind on their mortgage payments than their counterparts In general, 4.4 percent of older homeowners with a mortgage are behind on their payments. The differences in shares of older homeowners behind on their mortgages are seen most prominently in the breakdown by race/ethnicity and income. Specifically, the share of older adults behind on their mortgage payments is higher for non-White and older homeowners with income below $25,000 than their counterparts.
Most homeowners who are behind on their mortgage payments live in households of three or more people The survey data show that in general, older adults who are behind on their mortgage payments live in households of 3 or more people. Furthermore, one-third of older adults behind on their mortgage payments live with minor children. Any foreclosure therefore of older homeowners living with 3 or more people will not displace just the older homeowner, but often multiple generations living in the same home.
Read the full report from the Consumer Financial Protection Bureau here>>>