Seniors Facing Foreclosure

Senior citizens today are facing foreclosure in greater numbers than ever before.  Older Americans once looked forward to quiet, secure retirements. This is no longer the case.  Senior citizens were considered, at one time, the most financially secure age group.  This is no longer true.  In a study conducted by the American Association of Retired Persons (AARP), it was found that the current foreclosure crisis is having a significant impact on Americans of retirement age.

75 Year Old Facing Foreclosure

The foreclosure rate between 2007 and 2011 increased eight-fold for Americans 75 years and older.  The AARP report stated that “despite the perception that older Americans are more housing-secure than younger people, millions of older Americans are carrying more mortgage debt than ever before, and more than three million are at risk of losing their homes.”  The report went on to state “as the mortgage crisis continues millions of older Americans are struggling to maintain their financial security.” 

Fading Financial Security

The financial crisis in the United States is impacting upon seniors.  Shrinking stock portfolios, depleted pensions and increasing medical costs coupled with the depreciation of real estate in the United States has had a significant impact on the lifestyle of senior Americans.

Sell The Home!?

Seniors are being faced more and more with the challenge of selling their homes in a declining real estate market.  Most seniors presumed they would die in their homes.  Unfortunately this is no longer the case in America!

About the Author

Elliot S. Schissel, Esq. is an attorney with extensive experience in representing seniors regarding Elder Law matters in the metropolitan New York area.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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