By Lisa Prevost | The New York Times
Paying off the mortgage isn’t the priority it once was, and for many households, it isn’t even a possibility. But a new report from Harvard University’s Joint Center for Housing Studies reaffirms the common belief that retirees who own their homes outright are considerably better off than those carrying mortgages or paying rent.
The report, called “Housing America’s Older Adults,” focuses on the changes needed to supply sufficient affordable housing for the country’s 50-and-over population, which is projected to increase about 20 percent by 2030. The report found that paying off a mortgage dramatically reduces housing costs and provides an equity cushion to help cover other major expenses.
