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Think Out Loud

Seniors Affected by Foreclosure

Pete Springer/OPB

A recent report from the AARP found the mortgage crisis took quite a toll on older Americans, leaving 1.5 million people over the age of 50 without homes since 2007. The report (pdf) says,

“Despite the perception that older Americans are more housing secure than younger people, millions of older Americans are carrying more mortgage debt than ever before.”

The report also showed the fastest rise of mortgage debt belonged to Americans 75 or older. The percentage increase of seriously delinquent loans among people 50 years or older also made headlines, increasing about 456 percent from 2007 to 2011. 

Are you over 50? Have you faced foreclosure? How has the mortgage crisis affected you?

aarp elderly foreclosure mortgage housing economy

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