Many of those oldest homeowners may have lost income they were counting on, such as the retirement benefits of a deceased spouse. In the meantime, their mortgage payments have stayed the same.
The situation is likely to get worse before it gets better, AARP officials predicted, because of a housing market that is recovering at a snail's pace.
"This crisis is far from over," Whitman said. "We need to think about more creative solutions now that we have this data."
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Online:
http://www.aarp.org/money/credit-loans-debt/info-07-2012/nightmare-on-main-street-AARP-ppi-cons-prot.html .
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Reach Josh Lederman on Twitter at http://twitter.com/joshledermanAP
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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