The number of retiring homeowners with mortgage debt is rising, thanks to soaring house prices and the relentless cost-of-living crisis.

Research suggests that number could double in the coming years.

Experts believe that some strategies could help address the issue and make a big difference in the lives of older Australians.

Jeff Rose, 63, only paid off his mortgage last week.

“That was a pretty nice feeling to have. I took my wife on a boat cruise, and we celebrated with a bottle of wine,” he said.

Four years ago, the dream seemed impossible, with the couple steaming towards retirement with debt.

“I guess when you’re young, you don’t sort of care and you think you’re indestructible,” he said.

“Once you have those commitments, reality starts dawning that if something goes wrong, then you could be in a world of hurt.”

As property buyers get older and home prices rise, carrying debt into retirement is a reality for many Australians.

New research shows that while 14 per cent of retirees currently have debt, that figure rises to 28 per cent among those in the 50-64 age bracket.

A major factor is advice, with 45 per cent of homeowners confident they will be able to retire debt-free, but after seeking advice that grows to 63 per cent of homeowners.

“It’s very easy and simple, but sometimes simple things are very hard to do,” financial advisor Sikander Khan said.

“That’s the main problem. People tend to complicate things when they don’t need to be complicated.”

Advisers usually focus on how to use super to reduce debts in retirement, according to Colonial First State’s Craig Day.

“There’s two options here for people, you can pull out a lump sum, or you can retain all of your super into retirement, and then utilise your retirement income stream to help repay your loan over a longer period,” he said.

“It’s a really important piece of the jigsaw. Superannuation is the most critical. It’s the most important asset you have.”