More Than 30% of Americans 80 and Older Still Carry Mortgage Debt. The Number Climbs to 41% for Those 65 to 79, Visa Says

More Than 30% of Americans 80 and Older Still Carry Mortgage Debt. The Number Climbs to 41% for Those 65 to 79, Visa Says

Adrian Volenik

Sun, August 16, 2026 at 7:31 PM GMT+3 6 min read

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For many Americans, retirement was once expected to come with the major financial milestone of owning a home free and clear. New research from Visa (NYSE:V) shows a rising number of older Americans are still carrying mortgage debt well into retirement.

Some 41% of homeowners between ages 65 and 79 still have mortgage debt as of 2022, according to new research from Visa. Even among homeowners age 80 and older, 31% are still making mortgage payments, up from just 3% in 1989.

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Visa, which examined how much wealth baby boomers are expected to pass on over the next two decades, found that boomers hold an estimated $93 trillion in assets. Far less will ultimately reach their heirs once debt, retirement spending, taxes and charitable giving are taken into account.

Mortgage Debt is Changing Retirement

Visa says mortgage debt is only one piece of the puzzle. Baby boomers collectively carry more than $4 trillion in debt, including credit cards, auto loans, personal loans and borrowing tied to investment accounts.

Many older homeowners also spend a large share of their income just to keep up with housing costs. That can leave less money available for retirement and shrink the amount families eventually pass on to the next generation.

Many people expecting a huge wave of inheritance may be disappointed, Visa said. While baby boomers hold an estimated $93 trillion in assets, Visa estimates only about $36 trillion will ultimately be passed on to Gen X and millennials after accounting for debt, retirement spending, taxes and charitable giving.

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Wealth Will Not Be Shared Evenly

Visa found that most inheritances will stay within affluent families. Nearly 75% of people receiving inherited wealth already have higher net worth than the average household, making it more likely they will invest the money instead of spending it.

See Also: Colorado's Growth Story Is Creating New Real Estate Opportunities. Here's How Accredited Investors Can Explore Avenue South.

Today's wealth transfer is already happening in many families, Visa said. Instead of waiting until after death, many baby boomers are choosing to help children and grandchildren while they are still alive. That includes assisting with home down payments, helping younger family members qualify for mortgages and paying for family travel.

"The inheritance spending lift is happening now," Visa said. "The great wealth transfer is not just a future event."

The reality is much smaller once everyday financial obligations enter the picture, Visa said. Debt, retirement costs and taxes all reduce what families ultimately receive, making the size of the wealth transfer far different from the eye-catching estimates that often grab attention.

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Arrived

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Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access.Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors,FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio.Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.

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This article More Than 30% of Americans 80 and Older Still Carry Mortgage Debt. The Number Climbs to 41% for Those 65 to 79, Visa Says originally appeared on Benzinga.com

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