Report says foreclosures hitting older Americans very hard - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Report says foreclosures hitting older Americans very hard

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By Amie Winters - bio | email

 

WASHINGTON (AP) -- A new report from AARP says more than 1.5 million older Americans have lost their homes, and millions more are at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm. The report says older African Americans and Hispanics are the hardest hit.

AARP policy chief Debra Whitman says, "The Great Recession has been brutal for many older Americans," and that ownership "doesn't guarantee financial security later in life."

Fifty-seven year-old Jewel Lewis-Hall of Washington is a case in point. She says her husband was laid off from his job and she works two jobs, but the monthly mortgage payments are still late.

Lewis-Hall says panic didn't set in until she recently received a foreclosure notice from the bank.

AARP says roughly 600,000 people 50 years or older are in foreclosure.

 

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