US baby boomers fall behind in paying off mortgages

Washington

OLDER American homeowners are trailing the prior generation in paying off their mortgages, complicating their finances if they carry the loans into retirement, a report from Fannie Mae released on Thursday showed.

This lag has persisted even with an improving economy since the last recession and a housing recovery in the aftermath of the housing bust in the late 1990s, Patrick Simmons, Fannie Mae's director of strategic planning, wrote in the article.