According to a report released by the Consumer Financial Protection Bureau (CFPB), seniors are accumulating a significant amount of mortgage debt. The study, comparing 2001 numbers to 2011 numbers, found that the percentage of homeowners over 65 years of age with mortgage debt increased from 22% in 2001 to 30% in 2011. The outstanding balance of debt has also spiked, from $49,000 in 2001 to $79,000 in 2011. The most drastic increase seen involves delinquencies. 90-day past due figures for homeowners over 65 has increased from 0.85% in 2001 to nearly 5% in 2011.

J.P. Grant LLC