Although the real estate market in the United States is getting better, there are still many Americans suffering. As reported recently by the Associated Press, a new study from AARP has found that 1.5 million American seniors have already lost their homes due to foreclosure, and the storm doesn’t seem to have ended yet.
Debra Whitman with AARP told the news outlet that the loss of so many homes has broken some popular misconceptions.
“The Great Recession has been brutal for many older Americans,” Whitman said. “This shows that home ownership doesn’t guarantee financial security later in life.”
The AARP study discovered that one in six older homeowners – about 3.5 million people – are ‘underwater’- that is, they have seen the value of their homes fall so much that they owe more in their mortgage than the house is worth.
The report also found that 600,000 more older American homeowners are currently in foreclosure, and another 650,000 are at least three months’ behind in their mortgage payments.
For many seniors who have seen the value of their homes fall, it has become more difficult for them to sell, and thus to capture the equity to help pay for an assisted living community. Still, there are always affordable options for senior living. Visit RetirementHomes.com to find your perfect home.