WASHINGTON — More than 1.5 million older Americans already have lost their homes, with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says.
Older blacks and Hispanics are the hardest hit.
“The Great Recession has been brutal for many older Americans,” said Debra Whitman, AARP's policy chief. “This shows that homeownership doesn't guarantee financial security later in life.”
Even working two jobs hasn't been enough to allow Jewel Lewis-Hall, 57, to make her monthly mortgage payments on time. Her husband has made little money since being laid off from his job at a farmer's market.
Lewis-Hall and her husband have been making their payments late for about a year, but panic didn't set in until recently, when the word “foreclosure” showed up in a letter from the bank.
“You're used to living a certain way, but one thing leads to another,” Lewis-Hall said. “It's not like I have a new car or anything. I'm driving one from 1991.”
Rate climbed fast
If you owe under $729k you may qualify for 3.05% APR Govt Refi Plans.
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