Mortgage debt causing older Australians distress and worsening mental health

In the late 1980s after accounting for inflation, the mortgage debt among older Australians has raised to 600 per cent, so nearly half of homeowners aged 55 to 64 are still paying off a mortgage. More and more older Australian are finding it increasing difficult to pay off their mortgage debt before they retire according to AHURI, and they found that rise in mortgage debt among older Australians has outstripped growth in asset prices and income. Furthermore, more retirees are likely to rely on the aged pension after using super to pay off their mortgage according to Professor Ong ViforJ.