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Seniors and the Mortgage Crisis

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AIR DATE: June 25, 2009

Phyllis Hargrove, Operations Specialist for Nevada HUD
Barry Gold, Director of Government Relations and Advocacy, AARP Nevada
Steven Silberberg, Elder Law Attorney
Most people assume that seniors don't need to worry about the foreclosure because they don't have mortgages. That's not necessarily true. Many seniors were caught in the foreclosure crisis. And if they own their homes outright, many seniors rely on the equity in their homes to finance them into retirement villages and nursing homes. What happens when seniors face foreclosure or can't afford the special housing they need.

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