Warning! Baby Boomers with Mortgagees in Retirement Sandwiched in between two generations, middle class Baby Boomers find themselves paying the long-term care costs for parents and their children’s education. What little money is left is allocated to paying down credit card debt. Now for the first time in retirement history, seniors have mortgages in their golden years. From Black Friday to New Years Eve, American’s increased their credit card debt and home equity loans to pay for the holidays. Now the #1 New Years Resolution for 2016…Getting out on debt by going on a spending diet. But the biggest trend in debt management among many baby boomers is maintaining a home mortgage during their retirement. Financial advisers warn that this new trend could have serious lifestyle consequences for seniors.