Over 50 and Underwater: AARP Reports on Senior Foreclosure Rate
There are millions of homeowners over the age of 50 that are still at risk of foreclosure. That's the finding from an AARP national report released today.
Utah doesn't track mortgage defaults by age of homeowner, although the state remains in the top 10 in the nation for foreclosures.
For those over 50, housing counselor Linda Walker, with AAA Fair Credit Foundation, says falling behind on house payments is one of the perils of being a member of the sandwich generation.
"It's harder for them to start over if they lose that house and they don't have parents or grandparents that they can go to and ask for help."
Walker used to see homeowners in their 50s and 60s as clients a few times a year, but now she sees about 10 per week. AARP found that young homeowners still have higher delinquency rates, but the rate has increased faster among senior homeowners, climbing from just over 1% to 6% in the last five years.