“Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times.  Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures.  The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007.  One of the problems is older Americans are saving less and borrowing more, said AARP.”

http://www.housingwire.com/news/monday-morning-cup-coffee-homeowners-over-50-fall-foreclosures

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