A quarter of retirees are still paying mortgage debt

Just over one quarter, or 26%, of self-described retirees with investable assets are still paying off a mortgage, while a similar share, 25%, said they are trying to pay down existing credit card debt.

That is a contributing factor to nearly one-third of retirees, 31%, expecting they will be less secure in their post-working years than their parents or grandparents were, a survey from Nationwide said. The survey also discussed planning for transferring wealth to their heirs.

"The picture of life after retirement has changed for many people as economic stressors continue to weigh on retired investors," said Mike Morrone, vice president of Nationwide Annuity Business Development in a press release.

"Now is the time for advisors and financial professionals to check in with their clients and help them remain calm, nimble and informed in the face of continued economic headwinds, ensuring the plan they have in place continues to position them for a secure retirement," Morrone continued.

In general, 22% of the survey respondents were worried about being able to afford all of their monthly bills after deciding to stop working.

The survey, conducted by The Harris Poll for Nationwide from Jan. 8 through 22, garnered responses from 518 advisors and financial professionals and 2,346 people over the age of 18 with investable assets of $10,000 or more. Findings referring to retirees came from the 564 retired investors who were a part of the survey, a Nationwide spokesperson said.

Homeowners 62 and older saw their housing wealth increase to $13.19 billion during the first quarter, up by $328.5 billion, the National Reverse Mortgage Lenders Association said.

Senior home values increased to an all-time high of $15.5 trillion during the period but that was offset by an increase in debt from $10.2 billion to $2.35 trillion, the NRMLA/RiskSpan Reverse Mortgage Market Index reported.

But fewer seniors right now seem to be accessing a reverse mortgage, which could help their financial well-being. During June, the Federal Housing Administration endorsed 2,105 Home Equity Conversion Mortgage applications, down from 2,460 in May and 2,561 one year ago, according to Reverse Market Insight.

At the same time, 15% of respondents to a Fannie Mae survey released earlier this year would consider using their home's equity for additional funds during retirement, while another 43% said maybe. But 41% declared they would absolutely not use their residence for income.