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Foreclosure Hitting Our Oldest Americans Hard

Uncategorized August 19, 2012

In a recent study, according to AARP:

• About 600,000 people who are 50 years or older are in foreclosure.

• About 625,000 in the same age group are at least three months behind on their mortgages.

• About 3.5 million — 16 percent of older homeowners — are underwater, meaning their home values have gone down and they now owe more than their homes are worth.

AARP said that over the past five years, the proportion of loans held by older Americans that are seriously delinquent jumped by more than 450 percent.

For more read here.