According to AARP Magazine (March/April 2009), there are 634,000 Americans aged 50+ who are 30-180 days past due on their first mortgages.

A study done in September, 2008 by AARP indicates that, at that time, Americans 50+ years old represented 28% of those who were delinquent, in foreclosure or who had been foreclosed.  The study titled “A First Look at Older Americans and the Mortgage Crisis” is available by clicking HERE.

The assumption that they are in good shape during this crisis,  based on equity and low fixed interest rates,  has not proven true.  Unlike younger homeowners, who may eventually be able to recover from such a loss, homeowners in this age group may never recover, and may suffer significant financial reprecussions into older age.