Florida Retirees Facing Foreclosure

Older Americans grew up thinking that you can’t go wrong by investing in real estate because it will only appreciate and that in order to be financially secure, you have to own a house. The truth however is that senior citizens aren’t immune to foreclosure and unfortunately they got  into just as trouble as younger Americans did when the real estate market crashed six years ago.

Our perception of older Americans when it comes to housing is that they are just more secure. However, the fact of the matter is that there are millions of older Americans [55+] that are currently carrying a mortgage debt, here’s the shocking part…over 3,000,000 of these seniors are at risk of losing their homes! Since the housing collapse of 2007 a staggering 1.9 million + seniors ended up losing their house to foreclosure.

Senior citizens still have a much lower foreclosure rate than younger Americans but the number of foreclosures on seniors has increased tremendously. Older doesn’t always mean wiser, when the market was booming, 55+ Americans took out home equity lines of credit [HELOC] to buy investment properties just like everyone else. Then when the market went bust and property values floundered, they also went down with the sinking ship.

Younger Americans are usually able to get back on their feet through working hard and persevering. However, the older you are the harder it is to bounce back from something like a foreclosure. Sadly, time is just not on their side. The majority of retired Americans live on a fixed income and it’s because of this that seniors rarely qualify for any type of loan modification or re-finance. This reduces their options tremendously. Studies show that when a senior citizen falls into the foreclosure process the end result is either a Florida short sale or foreclosure.

Seniors falling into foreclosure has become a huge problem in our country these days. For generations home ownership was considered as a retirement fund. The idea was to have your house paid off by the time you retire and the equity can be tapped into to pay for all your expenses for the remainder of your lifetime. However, it’s now become a huge concern for seniors when there is no equity in their house to pay for things like medical bills, assisted living, etc.

Help For Florida Seniors Facing Foreclosure

Here at Orlando Realty Consultants, we offer specialized help for Floridians that are 55 and older if they are having trouble with house payments. Just call 407-855-6996, this is a free service.

johncondewritten by: John Conde Orlando Realtor, Short Sale Specialist, Real estate Investor. He has been buying and selling Orlando real estate since 2004. He is now working as an Orlando realtor devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.