More older Americans are being buried by housing debt

Housing debt has become a financial threat to senior in the wake of the mortgages crisis.
(California, Florida, NATIONAL, Nevada)

Paul Wiseman
Associated Press (AP)
June 2, 2015
Link to story

Tags: Housing: Foreclosure, Housing: Homelessness, Seniors

Organizations mentioned/involved: Legal Aid Center of Southern Nevada, Consumer Financial Protection Bureau (CFPB)


Janet Snyder, who gets by on a $1,215 monthly Social Security check, says she didn’t even know that her husband, Theodore, had taken out a $225,000 reverse mortgage on their Las Vegas town house. When he died in 2010 at age 77, the bank wanted its money back and “would not talk to me,” Janet says.

She’s working with Christine Miller of the Legal Aid Center of Southern Nevada to try to keep her home. But unless they engineer a delay, “I have to move out by July 24,” she says.

“I’m 74 years old… I don’t know where I’m going to go from here.”