Later Life  

Concern as elderly mortgage debt piles up

But not everyone is pessimistic about the situation, with Kent-based adviser Simon Webster, at Facts and Figures Financial Planners, calling for a more balanced attitude toward later-life mortgage debt.

“People are not retiring at 60 anymore,” he said. “People are working towards age 70 and a lot of people between 65 and 70 will still be earning to contribute towards a mortgage, and people have been taking mortgages later on.

“Had these people been in rented accommodation they would still not own a house,” he pointed out, adding that many older people’s house prices will have increased significantly since they took out their mortgage, meaning their assets have also risen.