Millions of Older Americans At Risk of Foreclosure!
Home Foreclosures 2012
"NEW YORK -- A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP.AOL Real Estate - Blog
NEW YORK -- A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP. Since the housing crisis started, more than 1.5 million homeowners age 50 or older have already lost their homes to foreclosure, pushing the foreclosure rate among this group to 2.9% in 2011 from 0.3% in 2007, according to the AARP's Public Policy Institute. And another 3.5 million have found themselves underwater, owingmore on their mortgage than their homes are worth. Long believed to be cushioned from the blow of the housing crisis -- because they owned their homes outright or hold large equity stakes that they could draw from in case of financial hardship -- older Americans are "carrying more mortgage debt than ever before."
http://realestate.aol.com/blog/2012/07/23/millions-of-older-americans-at-risk-of-foreclosure/
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