The conventional wisdom is that most older Americans have significant equity in their homes. The reality is that while many are secure, hundreds of thousands of others are not.
Homeowners age 50 and over have been significantly affected by the mortgage crisis, according to a report from the AARP Public Policy Institute. More than 680,000 homeowners age 50 and over had lost or were at risk of loosing their homes during the six months ending December 2007 -- and this was before the worst of the crisis hit!
Sadly, older Americans have been a target of subprime mortgage lending because they often have accumulated equity in their home and were targeted for refinancing. Losing a home is a loss from which many older Americans may not be able to recover. New policies must take into account the unique situation of the elderly.
Join us in a virtual march on behalf of older Americans. Add your name to show your support!
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