31% of Seniors Have $100K in Mortgage Debt

Almost one-third (31%) of seniors are carrying $100,000 or more of mortgage debt, according to a survey of seniors aged 62-75 from Financial Freedom Senior Funding Corp., a reverse mortgage lender based in Irvine, Calif.More than half, 56%, said they expect it to take 10 years to pay off the mortgage debt, and 11% said they never expect it to be paid off. The findings come from Financial Freedom's Senior Sentiment Survey, which explores the financial, social, and quality-of-life attitudes of older Americans. The company, a subsidiary of IndyMac Bank FSB, can be found online at http://www.financialfreedom.com.