That stock News

Experts said that within five years the number of pensioners with mortgages would increase to more than one million photo: IAN JONES

There are already almost 250,000 persons over age 65 who are repaying loans hypothécaires.Chiffres revealed that an other homeowners approaching retirement million were not yet clear their mortgage debt.

Experts said that within five years, the number of pensioners with mortgages increase to more than one million.

The trend should lead to many retirees face financial difficulties they fought for the debts of the value the decline of their pension.Price shares and savings rates fell during the credit crisis, leaving many retirees without money to pay off their mortgages.

Ros Altmann, saga, Group CEO stated: "it will not take very long to get to a million pensioners with a mortgage."

"A large number of retirees rely on staffing policies or lump sums of their pensions to repay their debt hypothécaire.Mais these things were simply wrong.

Melanie good Private Finance, mortgage broker, said: "while most of us hope to pay off our mortgage for a long time before we retire, an increasing number of owners simply cannot allow."

"Instead of this, they are continuing with their mortgage to retirement, their bricks and mortar to raise money to live and to help their children and grandchildren with their own property bought."

The latest figures published by the Department of communities and local government, revealed that of 249,000 State pension age people had a loan of the maison.Un another 1,071,000 persons aged 55 to 64 years still had mortgage.

A study conducted by the Council of mortgage lenders has suggested that more than half of homeowners over 50 years, many who retired at the beginning - had terms of mortgage which extended beyond the age of 65, and that two-thirds stated their intention to remain in debt forever.

Charities worry retirees in debt, saying that they would be among the worst affected if interest rates have increased.

Malcolm Tyndall, a Director at Elizabeth Finn Care, said: "face more difficulties to workplace, retired naturally use up their economies, with many forced to rely on other methods of payment such as credit cards and loans interest élevé.Si interest rates increased causing higher mortgage payments, elderly people will suffer disproportionately.".

"There is a preconceived image is the age of working people are falling into debt, but we see that more people in their years later falling debt which are often reluctant to ask for help because of the stigma it."

View the original article here