You might picture retirement as the time you finally pay off your mortgage and live debt-free.  But for millions of Americans, debt follows them right into retirement — and sometimes grows even worse.

• Mortgage debt is rising among seniors.
• Medical bills and credit card debt are ballooning.
• Downsizing or relocating isn’t always easy — or profitable.

Carrying too much debt into retirement can crush your financial freedom.
In this part, you’ll meet real retirees facing housing and debt challenges — and learn how to protect yourself before it’s too late.

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1. Nearly 38% of homeowners 65+ still carry a mortgage.

• Example:
  The dream of entering retirement mortgage-free is fading for many Americans.
• Case Study:
  Roberta Jennings, 67, Columbus, Ohio
  Roberta, a retired librarian and mystery novel fanatic, had hoped to pay off her home before retiring. Instead, she was still carrying a $70,000 balance at 65.
  Action: Roberta refinanced into a shorter-term mortgage before retiring, using a portion of her savings to knock down the balance significantly and keep her payments affordable on a fixed income.
• Solution:
  Aim to pay off or drastically reduce your mortgage before retiring.
  If you can’t, refinance smartly to lower payments and minimize financial stress.

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2. Seniors 65+ hold $1.1 trillion in mortgage debt — a record high.

• Example:
  Older Americans are entering retirement with more debt than ever before.
• Case Study:
  Leonard Smith, 70, Las Vegas, Nevada
  Leonard, a retired casino floor manager who loves Elvis tribute shows, saw his mortgage balloon after a late-in-life home upgrade.
  Action: Facing a fixed income squeeze, Leonard sold his larger home, moved into a smaller condo, and used the leftover equity to pay cash — finally freeing himself from mortgage payments.
• Solution:
  Downsize early if necessary.
  Don’t let pride or sentimentality tie you to a home that no longer fits your retirement lifestyle.

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3. The average mortgage debt for Americans 65–74 is $100,000.

• Example:
  That’s a crushing burden for many living on fixed incomes.
• Case Study:
  Margaret and Joe Alvarez, 68 and 70, San Antonio, Texas
  This retired teacher and postal worker couple loved hosting Sunday family dinners — but the $1,100 monthly mortgage threatened their budget.
  Action: They rented out part of their home to a tenant and used the income to cover mortgage payments while still maintaining their lifestyle.
• Solution:
  Explore creative ways to generate housing income.
  Renting rooms, downsizing, or house hacking can relieve mortgage pressure.

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4. Credit card debt among seniors has increased by 52% in the last decade.

• Example:
  More retirees are turning to credit cards to cover basic expenses.
• Case Study:
  Gloria Turner, 72, Raleigh, North Carolina
  Gloria, a retired nurse and gospel choir singer, found herself charging groceries and medical co-pays to her credit card every month.
  Action: She worked with a nonprofit credit counselor to consolidate and negotiate her debt, cutting her payments by 40%, and developed a strict cash-only budget.
• Solution:
  Tackle credit card debt aggressively before or during early retirement.
  Use counseling services if needed — and always budget based on cash, not credit.

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5. Medical debt is the leading cause of bankruptcy among seniors.

• Example:
  Even insured retirees can be overwhelmed by uncovered medical expenses.
• Case Study:
  Thomas Reed, 69, Denver, Colorado
  Thomas, a retired architect and amateur watercolorist, faced unexpected surgery costs not fully covered by Medicare.
  Action: He negotiated medical bills directly with providers, arranged manageable payment plans, and adjusted his lifestyle temporarily to pay off balances without dipping into retirement savings.
• Solution:
  Negotiate medical bills — don’t ignore them.
  Hospitals often offer payment plans, charity care, or discounts if you ask.

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6. Housing costs (mortgage, rent, taxes, maintenance) can eat up 30–50% of retiree incomes.

• Example:
  Housing remains the biggest line item in most retirees’ budgets.
• Case Study:
  Pamela Saunders, 65, Tampa, Florida
  Pamela, a retired school librarian and Disney superfan, realized that her property taxes and maintenance bills were eating up her pension.
  Action: She sold her house and moved into a 55+ community rental, locking in lower, predictable housing costs.
• Solution:
  Be realistic about your housing budget.
  Estimate all costs — not just mortgage or rent — when planning retirement living expenses.

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7. Reverse mortgages are up 18% among retirees since 2020.

• Example:
  More retirees are tapping home equity to survive — but often without fully understanding the risks.
• Case Study:
  Frank and Sandra Williams, 74 and 72, Phoenix, Arizona
  Frank, a retired firefighter, and Sandra, a former school secretary, needed extra income for medical bills.
  Action: They used a reverse mortgage carefully, drawing small amounts monthly and consulting a financial planner to avoid pitfalls.
• Solution:
  Use reverse mortgages cautiously.
  Only consider them with professional guidance and as a last-resort strategy — not a primary plan.

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8. Nearly 1 in 5 seniors spend more than 50% of their income on housing.

• Example:
  Spending half your retirement income just to keep a roof over your head leaves little for anything else.
• Case Study:
  Raymond Lee, 69, Seattle, Washington
  Raymond, a retired shipyard worker who loves fishing, was paying more than half his Social Security check toward rent in an expensive city.
  Action: He relocated to a smaller town in eastern Washington, where his rent dropped by $800/month — giving him breathing room for savings and hobbies.
• Solution:
  Relocate if necessary.
  Don’t hesitate to move to a lower-cost area to preserve retirement income.

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9. Renters face greater housing insecurity in retirement.

• Example:
  Seniors who rent often face unpredictable cost increases — and eviction risks.
• Case Study:
  Cynthia Barnes, 66, Newark, New Jersey
  Cynthia, a retired secretary who loves baking for local markets, faced a 15% rent hike with just 30 days’ notice.
  Action: She found subsidized senior housing, reducing her rent dramatically and stabilizing her housing costs for good.
• Solution:
  Explore senior housing programs early.
  Get on waiting lists and research subsidized or income-based housing well before you need it.

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10. Foreclosures among seniors are rising again after a temporary pandemic drop.

• Example:
  Older homeowners who fall behind on taxes or mortgage payments risk losing their homes late in life.
• Case Study:
  Paul Hernandez, 72, Houston, Texas
  Paul, a retired electrician and vintage car enthusiast, fell behind on property taxes after a medical crisis.
  Action: He worked with a property tax assistance program to set up an affordable repayment plan and avoid foreclosure.
• Solution:
  Ask for help early.
  If you fall behind on payments, reach out to nonprofit assistance programs immediately to save your home.

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Key Takeaways from Part 6:

• Housing and debt issues don’t magically disappear in retirement — they often get worse if ignored.
• Downsizing, refinancing, or relocating early can create financial breathing room.
• Avoid carrying major debt into retirement whenever possible.

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Call to Action:

Is housing or debt threatening your retirement dreams?
Let’s build a plan that protects your home — and your financial freedom.
[Schedule your free retirement debt analysis today!]

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