Foreclosure Rate for Seniors Rising

In a study by the American Association of Retired Persons (AARP) written up in SeniorHousingNews, seniors have taken a big hit in foreclosures since 2007, with those 75 and older having a rate of 3.2%, higher than younger members of the 50-plus age group. The foreclosure rate on prime loans for older homeowners increased from 0.1% in 2007 to 2.3% in 2011. AARP adds: “In their older years, people often tap their home equity—the biggest asset that many have—to pay for long-term care, home maintenance, medical bills and other expenses. What happens when that money no longer exists?” As MHProNews noted in an earlier story July 18, 2012, 7-10,000 Americans reach 65 years of age every day.

(Photo credit: Wikipedia Commons)

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