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Many seniors trying to retire with a mortgage
Many seniors trying to retire with a mortgage

When Tom Greco bought his four-bedroom home three decades ago, he assumed he'd pay off the mortgage before retirement — just as his parents did. Things didn't work out that way. Instead, his $4,500 monthly mortgage payments — a consequence of several equity withdraws over the years — became a financial drag. "It's pretty hard to retire with that," the Irvine attorney, 66, said. More and more older homeowners are carrying mortgage debt, a burden that threatens to delay their retirement and curtail spending among the massive baby boomer population. Nearly a third of homeowners 65 and older had a mortgage in 2011, up from 22% in 2001,...

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