Research: 50+ Crowd Hit Hard By Financial Crisis

In the wake of the continued and ever-growing financial crisis facing the nation, AARP Public Policy Institute has released research showing that in the last six months of 2007, over 600,000 people over age 50 were either delinquent on their mortgage payments or facing foreclosure. That’s over one quarter of the total number of Americans in such financial straights. Much like all Americans, those of the 50+ crowd who had sub-prime mortgages were far more likely to be affected. In addition, African-Americans and Hispanics have been disproportionately affected by the financial crisis. This research counters the commonly held belief that older Americans would be less impacted by this financial disaster. Given the increased reliance that older Americans have on their homes for both shelter and personal finances, this research is troubling to say the least. Have you had trouble paying your mortgage? Know anyone facing foreclosure? Tell us about it.

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