According to some recent research by Lincoln Financial Group, more than 7.6million of us are banking on our homes to help fund our retirement, ahead of any other long-term savings. But the question is – when will we have paid off our mortgages?
Lincoln’s research indicates that the average age homeowners can expect to be mortgage free is 56½. Some of us will have got rid of that debt a lot sooner, with nearly half a million of us paying off our mortgages by 45. However, a whopping 1.6 million of us do not expect to clear our mortgage debt until 65, and 309,000 will still be making payments when we are blowing out the candles on our 70th birthdays!…
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