Trends in Homeownership and Mortgage Debt among Older Americans Office for Older Americans

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1 June 24, 2015 Trends in Homeownership and Mortgage Debt among Older Americans Office for Older Americans Presentation for MHA Trusted Advisors Note: This document was used in support of a live discussion. As such, it does not necessarily express the entirety of that discussion nor the relative emphasis of topics therein.

2 Office for Older Americans (OA) Mission: help consumers 62+ to get the financial education and training they need to: Prevent unfair, deceptive, and abusive acts or practices; Make sound financial decisions as they age. The only office in the federal government specifically dedicated to the financial wellbeing of seniors. 2

3 Office for Older Americans, cont d The Office for Older Americans is: developing financial education initiatives; conducting research to identify best practices and effective methods, tools, technology, and strategies to (1) protect older consumers from unfair, deceptive, and abusive practices, (2) assist older consumers plan for retirement and later life economic security; coordinating efforts with federal and state regulatory agencies, and law enforcement; and collaborating with state and community organizations. 3

4 Snapshot of Older Consumers and Mortgage Debt Released on May 7, 2014 Available online at: reports/ snapshot-of-olderconsumers-and-mortgage-debt/ 4

5 Demographic Trends A growing population Living longer 5

6 A growing population Older Population by Age: Percent % 20% 19.3% 20.0% 20.2% 15% 10% 5% 0% 16.1% 12.5% 12.4% 13.0% 11.3% 9.2% 9.8% 8.1% 6.8% 4.1% 4.3% 5.4% 4.7% % Sources: Projections for 2010 through 2050 are from: Table 12. Projections of the Population by Age and Sex for the United States: 2010 to 2050 (NP2008-T12), Population Division, U.S. Census Bureau; Release Date: August 14, The source of the data for 1900 to 2000 is Table 5. Population by Age and Sex for the United States: 1900 to 2000, Part A. Number, Hobbs, Frank and Nicole Stoops, U.S. Census Bureau, Census 2000 Special Reports, Series CENSR-4, Demographic Trends in the 20th Century, This table was compiled by the U.S. Administration on Aging using the Census data noted. 6

7 Living longer Male Female Source: The 2011 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, Table V.A3. Period Life Expectancy, page 90. Available online at: 7

8 Homeownership Homeownership rates Home and older consumers net worth 8

9 Homeownership rates by age Current Population Survey, Residential Vacancies and Homeownership in the Third Quarter

10 Home the largest asset financial assets (excluding home and other property) retirement accounts Vehicle(s) primary home % with assets Median value % with accounts Median value % with assets Median value % with homes Median value % $72, % $148, % $16, % $175, % $28, % $69, % $10, % $145,000 Source: Federal Reserve Board, 2013 Survey of Consumer Finances. Available online at: 10

11 Mortgage Debt Trends Outstanding amounts 11

12 A smaller portion own their homes free and clear Source: Census Bureau, American Housing Survey 12

13 More older homeowners with mortgages The percentage of homeowners age 65 and older carrying mortgage debt increased from 22 to 30 percent (3.8 to 6.5 million) from 2001 to Consumers over age 75 had the greatest increase during this period. The proportion of consumers 75 and older with mortgage debt more than doubled from 8.4 to 18.6 percent. From 2001 to 2013, the median amount older homeowners owed on mortgages has doubled from about $43,300 to $88,

14 Some causes We reviewed a number of studies, and identified a number of factors: refinancing boom of the early 2000s; a general trend among Americans to: buy their first home later in life; provide small down payments on home purchases; and borrow against their home equity to pay for a variety of expenses. 14

15 Impact on Consumer Finances Overall debt Home equity Home affordability 15

16 Percent of older consumers with debt 100% 90% 80% 70% 60% 50% 40% 30% 51% 57% 65% 66% 32% 29% 39% 41% Debt does not include mortgages 20% 10% Debt includes mortgages 0% Source: Federal Reserve Board, Survey of Consumer Finances 16

17 Owning a smaller portion of their homes Older consumers owe more on their mortgages in relation to the value of their home than a decade ago. The outstanding balance on their mortgages relative to the value of their homes (debt-to-value ratio) increased from 30 to 48 percent from 2001 to Consumers have slowly extended their pay -off date. The median number of remaining years of payments increased from 13 to 15 years from 2001 to

18 Mortgage debt has made their homes less affordable More than half of the 4.8 million retired homeowners with mortgage debt spend 30 percent or more of their household income in housing related costs. In 2013, older homeowners with a mortgage spent $800 or 290 percent more per month than their counterparts with no mortgage. Over the last 10 years, older homeowners pay more for housing compared to renters and those who own free and clear. 18

19 Consequences Delinquency and foreclosure Challenges for older consumers CFPB complaints 19

20 Percentage Delinquency and foreclosure rates among older homeowners ( ) 7% 6% 5% 4% 3% 2% 1% 0% (serious delinquency) 75+ (serious delinquency) (foreclosure) 75+ (foreclosure) Source: AARP Public Policy Institute, CoreLogic data 20

21 Challenges to address these problems Older consumer experience: Limited time horizon to recover loss. Poor health: 24.7% of population 65+ has fair or poor health compared to 10.4% of the general population. Difficult job market for jobseekers: Once unemployed, older workers are, on average, out of work longer than their younger counterparts. 21

22 One fourth of CFPB complaints were about mortgages Debt Collection 24% Mortgage 22% Credit Card 17% Bank Account or Service 13% Credit Reporting 11% Reverse Mortgages Consumer Loan 4% 5% Payday Loan Money Transfers Student Loans 1% 1% 0.8% Prepaid Other Financial Service 0.3% 0.3% Source: CFPB Complaints 22

23 Other findings from the complaints analysis Older consumers complain that their overall debt burden often led to their mortgage default. Many talk about the challenge of living on a fixed or limited income due to unemployment, poor health, or the exhaustion of retirement savings. Some who received loan modification offers were unable to afford the new terms, and some who obtained a modification continued to struggle to make ends meet. Servicing issues typically last for months, and sometimes years. Many consumers complain that their servicer lost their documents, sometimes multiple times, or required that the consumer repeatedly resubmit new documentation. 23

24 Mortgages and Retirement Retirement Context Importance of Home Equity Consumer Advisory 24

25 Retirement Preparedness A shifting pension system from traditional pensions to individual accounts. Many workers not enrolled or contributing enough. About 44 percent of baby boomers will fall short of adequate retirement income for basic expenses and uninsured health care costs. 25

26 Mortgage debt is affecting retirement According to an Urban Institute study, many older Americans when carrying a mortgage have remained in the work force longer than they expected. As mortgage debt has increased, older consumers have also accrued less home equity. 26

27 CFPB Consumer Advisory Mortgage pay-off date: Because mortgage debt can be a consumer s most costly monthly expense, consumers should carefully consider the burden of mortgage payments while living on a fixed, retirement income. Home equity: Dipping into the equity already built in a home can carry risks. Older consumers should carefully consider their options before taking out a home equity loan or refinancing. Retirement income and expenses: Generally, people have less income when they retire. Consumers should know their retirement income and expenses, especially if they are retiring with a mortgage. 27

28 Stay in touch Hector L. Ortiz Nora Eisenhower Office for Older Americans 28

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