Maybe their parents paid off the house before retiring, but many baby boomers today say it makes more sense to carry a mortgage.
The game-changers: low interest rates and high stock-market returns. Older Americans may come out ahead by keeping 401(k)s and other holdings invested rather than cashing out to make a house payment, says Tom Wind, executive vice president of home lending at Jacksonville, Fla.-based EverBank.
Improved health care and life expectancy also play a role, says Ken Dychtwald, president and CEO of Age Wave, a consultancy focusing on aging trends. “Today when people reach 60 or 65, they come to realize they may have decades of life in front of them,” he says. “When their mom and dad reached retirement, they felt they were in the last inning and needed to pick the safe path.” ...
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