More than half a million over-50s face having to sell their home because they have no other way to clear the shortfall on their interest-only mortgage.
Two-thirds of homeowners who have interest-only mortgages say their endowment won't pay it off.
And 30% of over-50s have 'no way' of making up the average shortfall of more than £42,000 aside from selling their home, according to new research from Saga Personal Finance.
The remaining two-thirds have made alternative plans to pay off their mortgage, such as dipping into savings and investments, or extending their mortgage to give them extra time to pay it off.
Equity release may also be a solution for many.
Saga's data also reveals that one in five Britons are still paying off a mortgage in their 70s. More than 900,000 still have an average mortgage bill of £38,000.
This leaves the over-70s saddled with an "extraordinary" total mortgage debt of £35.2 billion.
Many Britons have had their retirement blighted by the "bitter burden of mortgage debt", said Jeff Bromage, chief operating officer at Saga Personal Finance.
"Being saddled with mortgage debt well into your retirement is far from ideal as it means keeping an eye on the coffers when you should making the most of life.
"Millions of British homeowners have been hit hard by underperforming endowments.
"Thankfully, there are options available, with a growing number of people turning to equity release to avoid selling their home.
"Upping sticks is probably the least-favoured option for many facing a shortfall, as their home is so much more than bricks and mortar and will hold so many happy memories."
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