WASHINGTON — Over 25% of mortgage delinquencies and foreclosuresinvolve seniors, AARP has found. And, older homeowners withsubprime mortgages are 17 times more likely to end up inforeclosure than their peers with prime mortgages.
|AARP's Public Policy Institute examined how Americans age 50 andover have fared during the housing and mortgage market crises.
|The organization says it's the first time that an “age analysis”has been undertaken on the mortgage crisis.
|Older Americans appear particularly vulnerable to housing pricedeclines and to subprime loans, AARP said.
|Foreclosure data in the sample surveyed covered July 2007through December 2007. Of the 2.5 million mortgage holders in therandom sample, about 1 million were age 50 or older.
|AARP concluded that the problem is likely to grow as homeownersare increasingly likely to carry mortgage debt into theirretirement years.
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