Many Retired People Don't Expect to Pay Off Mortgages

Traditionally, homeowners looked forward to paying off their mortgage before retirement and living out their golden years without the heavy burden of a monthly house payment. But that scenario is becoming less common, according to a recent survey. 

The survey, "Retirement and Mortgages," by national mortgage banker American Financing, found 44 percent of Americans between the ages of 60 and 70 have a mortgage when they retire, and as many as 17 percent of those surveyed say they may never pay it off. The survey also found that 32 percent predict they will be paying their mortgage for at least eight more years.

AARP Membership — $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP The Magazine.

Join Now

Flowers & Gifts

Proflowers

25% off sitewide and 30% off select items

View Details

See All Benefits

See more Flowers & Gifts offers >

{"hideCategory":false,"useAlternateLanguage":false,"headlineIconAltText":"","listItems":[{"categoryTitle":"Flowers \u0026 Gifts","categoryUrl":"/membership/benefits/shopping/flower-gifts/","categoryDeeplinkParam":"shoppingandgroceries-flowersandgifts","isLimitedTimeOffer":false,"offerJson":{"dbr_offer_id":"54a1e51ec32c758b0ef69f44cfac6d5c","source_name":"Proflowers","offer_title":"25% Off Flowers, Plants \u0026amp; Gifts","offer_description":"\u003cp\u003eAs an AARP member, you automatically save 25% sitewide or you can save 30% on select items with promo code AARP30. No minimum purchase amount is required.\u003c/p\u003e","offer_short_description":"25% off sitewide and 30% off select items","category_list":"shoppingandgroceries","subcategory_list":"shoppingandgroceries-flowersandgifts","tags":[{"tagID":"dbr:shoppingandgroceries","title":"Shopping \u0026 Groceries","name":"shoppingandgroceries","deeplink_url":"/membership/benefits/shopping/","deeplink_param_value":"shoppingandgroceries","get_offers_url":"/etc/aarp/dbr/ws.api/offers/shoppingandgroceries.json","sub_tags":[{"tagID":"dbr:shoppingandgroceries/flowersandgifts","title":"Flowers \u0026 Gifts","name":"flowersandgifts","deeplink_url":"/membership/benefits/shopping/flower-gifts/","deeplink_param_value":"shoppingandgroceries-flowersandgifts","get_offers_url":"/etc/aarp/dbr/ws.api/offers/shoppingandgroceries-flowersandgifts.json"}]}],"vertical_image_url":"/content/dam/aarp/benefits_discounts/providers/ftd/258x334-proflowers-feb-2023.jpg","image_url":"/content/dam/aarp/benefits_discounts/providers/ftd/1140x641-proflowers-feb-2023.jpg","advertisement_flag":"","advertisement_sort_order":"","merchant_phone":"1-800-315-7527","merchant_phone_label":"or, call Proflowers at","howto_redeem":"Learn More","howto_redeem_url":"https://www.proflowers.com/aarp","howto_redeem_expired":"Renew to Learn More","howto_redeem_expired_link":"https://appsec.aarp.org/mem/renew","howto_redeem_non_member":"Join to Learn More","howto_redeem_non_member_link":"https://secure.aarp.org/applications/membershipChallenge/showChallengeForm.action?appName\u003daccount","howto_redeem_anonymous":"Join to Learn More","howto_redeem_anonymous_link":"https://appsec.aarp.org/mem/join?campaignid\u003dUASMBP1\u0026intcmp\u003dEWHERE-MBCHAE-LP-MMA-JOIN","howto_redeem_desc":"The 25% discount is applied automatically. Enter promo code AARP30 to save 30% on select items.","member_exclusive_flag":"no","offer_type":"EverGreen","hideLeavingAARP":"false","interstitial_desc":"You\u0027ll leave AARP.org and go to the website of a trusted provider. The provider\u0027s terms, conditions, and policies apply.","dbr_offer_type":"discount","restrictions":"\u003cp\u003eAARP commercial member benefits are provided by third parties, not by AARP or its affiliates. Providers pay a royalty fee to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. Some provider offers are subject to change and may have restrictions.\u003c/p\u003e\u003cp\u003eThe 25% discount is applied to the standard retail prices set forth on the PROFLOWERS.COM website. The 30% discount applies to any item in the AARP Choice Collection. Enter promo code AARP30 to receive 30% discount on AARP Choice Collection items at checkout. Discounts are applied to the standard retail prices set forth on the PROFLOWERS.COM website (standard retail prices shall not include sale prices) and are not available on: (a) product customizations including vases or product add-ons, or (b) service, shipping, delivery, care and handling fees (collectively, “Service Fees”), or any other fees and applicable taxes. The discount is available online and through the special toll-free number. Discounts cannot be combined. Quantities may be limited. Delivery for Floral and Gifting Items: For each item delivered by a local florist or shipped direct, a standard Service Fee will apply (the standard Service Fee is waived for ProPerks Icon members). Service Fees may be higher based on day of delivery or product type, or during high volume holiday periods. If an item is not available, a comparable substitute may be provided. Due to the perishable nature of our products, please make any customer service inquiries within 7 days of delivery. For items delivered by a local florist, same day delivery is available in many locations if order is placed before 2 p.m. in recipient\u0027s time zone. For more information on our delivery policies for these items, see \u003ca data-overlay-msg\u003d\"AARP.Everywhere.LeavingModal.drawOverlay(this,\u0027\u0027,/mnt/overlay/wcm/core/content/sites/properties.html,\u0027\u0027,\u0027You are now leaving AARP.org and going to a website that is not operated by AARP. A different privacy policy and terms of service will apply.\u0027);return false;\" data-default-element-msg\u003d\"AARP.Everywhere.LeavingModal.drawOverlay(this,\u0027\u0027,/mnt/overlay/wcm/core/content/sites/properties.html,\u0027\u0027,\u0027You are now leaving AARP.org and going to a website that is not operated by AARP. A different privacy policy and terms of service will apply.\u0027);return false;\" data-displayoverlay\u003d\"displayOverlay\" title\u003d\"Proflowers Delivery Policy\" rel\u003d\"noreferrer\" href\u003d\"https://www.proflowers.com/delivery-policy\" target\u003d\"_blank\"\u003ewww.proflowers.com/delivery-policy\u003c/a\u003e.\u003c/p\u003e","lto_daysleft_start_control":30,"is_redeemable_in_person":false,"is_redeemable_only_in_person":false,"state_blacklist":[],"offer_timing":"anytime","line_of_business":"ASI discounts","asi_category":"ASI Shopping","analytics_brand":"FTD | Proflowers","analytics_offerid":"proflowers","howto_redeem_already_registered_anon":"Member Log In","howto_redeem_already_registered_anon_link":"https://login.aarp.org/online-community/loginform.action","howto_redeem_already_registered_nonmember":"Link your membership","howto_redeem_already_registered_nonmember_link":"https://secure.aarp.org/applications/membershipChallenge/showChallengeForm.action?appName\u003daccount","offer_keywords":["aarp discounts","aarp benefits","flower deals","plant savings","gift discounts"],"offer_keywords_spanish":["Beneficios de AARP","Descuentos de AARP","ofertas de flores","ahorros en plantas","descuentos en regalo"],"provider_logo":"/content/dam/aarp/benefits_discounts/providers/ftd/450x450-proflowers-logo.png","provider_logo_alt_text":"Proflowers logo","provider_logo_cdn_uri":"https://cdn.aarp.net/content/dam/aarp/benefits_discounts/providers/ftd/450x450-proflowers-logo.imgcache.rev198b42372f4faa150bb5ef89485f37cc.png","provider_logo_width":"450","provider_logo_height":"450","enable_utm_parameters":"","append_aid_paramter":"","lto_model_heading":"Limited Time Member Offers","lto_advertisement":"Member Exclusive Advertisement","ty_socialMissionFlag":"true","deeplink_param_value":"proflowers","pixel_learn_more_value":"","howto_redeem_2":"Learn More","howto_redeem_already_registered_nonmember_label":"Already a member?","howto_redeem_already_registered_anon_label":"Already a member?","image_alt_text":"","image_title":"Colorful Flowers in vase next to a plate of cookies","image_cdn_uri":"https://cdn.aarp.net/content/dam/aarp/benefits_discounts/providers/ftd/1140x641-proflowers-feb-2023.imgcache.rev2a93225f0b94116f91f603518cfcdee3.jpg","tab_label_offer_details":"Details","tab_label_restrictions":"Disclosures","geoloc_tab_label":"Locations","disclaimer_label":"","geoloc_provider_legal_info":"","geoloc_miles_label_text":"Miles","geoloc_show_results_within_label_text":"Show results within","geoloc_see_more_button_text":"See More","geoloc_find_location_label":"Find a Location","geoloc_total_results_label":"Result(s)","geoloc_no_results_view_message":"There are no locations within a 100 mile radius. Please try another location","geoloc_tab_hint_text":"Enter an address, city, or ZIP","geoloc_mobile_list_cta":"LIST VIEW","geoloc_mobile_list_cta_url":"","geoloc_mobile_map_cta":"MAP VIEW","geoloc_mobile_map_cta_url":"","geoloc_provider_link_cta_url":"","geoloc_experience_type":"","ty_ctaText":"Continue","geoloc_hide_tab":"true","ty_interstitialText":"Thanks for visiting aarp.org! Come back again to check out all of the AARP Member Benefits and unlock the full power of membership.","howto_redeem_label":"How to Access","ty_interstitialDesc":"Come back again to check out all of the AARP Member Benefits and unlock the full power of membership.","ty_cancelText":"Cancel","ty_interstitialTitle":"Thanks for visiting aarp.org!","lto_daysleft":"Days Left","provider_logo_title":"Proflowers logo","geoloc_hide_see_more_button":"false","geoloc_provider_link_cta":"","offer_page_path":"/benefits-discounts/all/proflowers/","redemption_content":"","show_phone_number_above_cta":"","restrictions_label":"Disclosures","show_state_availability":"","state_availability_text":"SEE AVAILABILITY IN YOUR STATE","hideRestrictionsTab":"","ltos":[]},"parentOfferJson":{}}]}

There were some respondents who expected to live at least some of their retirement mortgage-free. Fourteen percent of respondents said it will take three to five years, and seven percent said it will take one or two more years to pay off their mortgage. Twenty percent expected to pay off their mortgage within one year of retirement, the Washington Post reported. 

American Financing

These results closely mirror findings from an October 2017 Fannie Mae report that showed that today’s older boomers — those born between 1946 and 1951 — demonstrate a greater likelihood of carrying mortgage debt than previous generations.