29 Oct The One Debt Impacting Two Diverse Age Groups
The skyrocketing costs of higher education is affecting the ability to secure mortgages for two very distinct demographics: ages 20-29 and ages 60+
* You might be surprised to hear student loan debt isn’t just students! In fact, 48% of loans for higher education include a senior co-signer age 60 or over
* This student loan debt isn’t slowing down seniors’ ability to borrow. Those ages 60+ have actually experienced an increase in home equity lines of credit due to their prime borrower rate qualifications and the fact that they’re viewed to be in the lowest risk profile
* The share of mortgage loans for ages 20-29 has dropped from 63.2% in 2005 to just 42.9% in 2014 while student loan debt has nearly tripled over the same timeframe
While many in the 20-29 group don’t qualify for loans due to the fact that they might spend as much as $750+ monthly repaying student loan debt, some may be impacted differently than others. That’s why it’s important to check with your loan officer and determine which loans are best for your situation.