Study: 44% of retirees have a mortgage; Business briefing; Strike disrupts services in France; Citigroup adds gun restriction

Burning the mortgage deed in celebration of owning your home free and clear, once a ritual for most older Americans on their way to retirement, has become less common.

A recent "Retirement and Mortgages" survey by American Financing, a national mortgage banker, found 44 percent of Americans age 60 to 70 have a mortgage when they retire, with as many as 17 percent saying they may never pay it off.

The survey found 32 percent predict they will be paying their mortgage for at least eight more years and 11 percent say it will take six to eight years before their last loan payment.

Another 14 percent say it will take three to five years to reach the payoff, and 7 percent say it will take one to two more years. Twenty percent of those who retire with a mortgage will pay it in full within one year.

The survey found a majority (64 percent) of 60- to 70-year-olds plan to remain in their home and 62 percent plan to leave their home to their children. The majority (71 percent) would rather make home renovations rather than move if a health issue affected their mobility or comfort at home.

However, about half (48 percent) are unsure of what they will do if retirement funds run low.

Strike disrupts services in France

Trains, planes, schools and other public services across France were seriously disrupted Thursday as tens of thousands took to the streets to protest President Emmanuel Macron's economic policies.

Nearly 50,000 demonstrators protested in Paris to call for more investment in public services. The protest was mostly peaceful, although localized scuffles broke out between some protesters and riot police using tear gas and water cannons.

Airport authorities say 30 percent of flights to and from Paris were canceled.

National train company SNCF said only 40 percent of high-speed trains and half of regional trains were running. Some schools and kindergarten were also closed.

Citigroup adds gun restriction

Citigroup is putting new restrictions on firearm sales by its business customers, making it the first bank to announce changes to its policies in the wake of the school shooting in Florida.

Citigroup will require its clients and business customers not to sell a firearm to anyone who hasn't passed a background check or anyone under the age of 21. They also will not allow its customers to sell what are known as bump stocks and high-capacity magazines.

The restrictions apply to Citi clients with credit cards backed by Citigroup or who bank with the company, be it traditional banking services or activities like raising capital.

THE BOTTOM LINE

4.45% The rate on the 30-year fixed mortage this week, up from 4.44 percent, Mortgage buyer Freddie Mac said Thursday. Rates are relatively low by historical standards, but they've shot up from an average that remained below 4 percent last year. The benchmark rate averaged 4.23 percent a year ago. The average rate on 15-year, fixed-rate loans rose to 3.91 percent from 3.90 percent last week.

Credit: - From news services

Caption: Demonstrators protest against French President Emmanuel Macron's economic reforms.

PHILIPPE LOPEZ/Getty-AFP