More Retirees Have Mortgage Debt

Retiring with mortgage debt is becoming much more common.

According to recent research from LIMRA, for those ages 55 to 64, 37% of people were retiring with mortgage debt in 1989, while 2010 saw that figure rise to 54%. For those ages 65 to 74, the figures over the same time frame increased from 22% to 41%. And for those 75 or older, the figures over that period increased from 6% to 24%.

The research also revealed that today people are retiring with a much larger amount of mortgage debt. During the previously mentioned 1989 to 2010 time period, the median amount of mortgage debt for those ages 55 to 64 increased from $34,000 to $97,000. Those in the 65 to 74 age range saw an increase from $15,000 to $70,000. And for those 75 or older, the average amount of mortgage debt upon retiring moved from $12,000 to $52,000.

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The LIMRA research was done in conjunction with the AARP Public Policy Institute.

UBS Bulks Up Equity Compensation Unit

Karen Damaso has joined UBS Wealth Management America to support new business development initiatives in the equity compensation services division.

Based in New Jersey, Damaso will focus on driving corporate client sales with key prospects in collaboration with financial advisers. She will report to Michael Barry, head of the business.

Damaso joins UBS with more than 16 years of corporate sales experience and seven years of corporate equity compensation experience. Her previous roles include director of sales at Equity Methods, a pioneer of FAS 123R/ASC 718 software and provider of consulting services for the valuation and expensing of share-based awards. She has also been director of sales at Bank of American Merrill Lynch.

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At both firms, Damaso helped corporate clients solve complex equity valuation and financial reporting compliance challenges.  Prior to joining Equity Methods, Damaso held various sales leadership roles for corporate financial services and tax consulting firms, as well as start-up technology ventures. 

Damaso holds a bachelor’s degree in business administration from Saint Mary’s College in Notre Dame, Indiana.

UBS Wealth Management Americas is a division of UBS AG.

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