One Foot in the Grave & Debts Up to the Eyeballs

“I have seen a consistently high rate of serious mortgage delinquency and foreclosure filings for clients 60 and older,” says Berbeth Foster, an attorney who has worked in the Senior Citizen Law Project of Coast to Coast Legal Aid of South Florida since 2010."

"According to report released by AARP in July, “millions of older Americans are carrying more mortgage debt than ever before, and more than three million are at risk of losing their homes.”

 

Cry me a river. If you've been walking God's Green Earth for 50 plus years, you should know that mortgaging the shack is not a good idea. A free and clear roof over your head should be your damned goal.

 

"Primarily, we see elderly clients refinancing their homes to get cash out in order to pay credit card debt, medical bills and/or to give money to their children and grandchildren,” she explains. “Older Americans need to understand that it is a bad idea to take out more debt on their homes at the stage in their lives where their incomes are decreasing.”

 

Put that into the "No Shit, Sherlock" file.  And for God's sake, stop giving money to your already spoiled rotten children and grandchildren.  Part of the reason that so many people in this country are now bullshitting, whiney bitches and assclowns is that you run in everytime Junior or Buffy falls down and puts a boo-boo on their ass.  Stop kissing the boo-boo on their asses and maybe the little darlings will figure out how to live their lives independently of your helicopter parenting techniques.

Fair Lending and Age Discrimination

The Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA) protect consumers by prohibiting unfair and discriminatory practices.
Discrimination
The FHA prohibits discrimination in residential real estate–related transactions based on...

• Race or color
• National origin
• Religion
• Sex
• Familial status
• Handicap

The ECOA prohibits discrimination in credit transactions based on

• Race or color
• National origin
• Religion
• Sex
• Marital status
• Age*
• Applicant’s receipt of income from a pubic assistance program
• Applicant’s exercise, in good faith, of any right under the Consumer Credit Protection Act

*Age is a prohibited factor provided the applicant has the capacity to enter into a contract.

No shit - when I first started in this business, we used to figure out the age of the applicant relative to the term of the contract and see if it passed the first "smell test" when deciding if we wanted to proceed with the rest of the loan underwriting.  In other words, it made NO SENSE to make a 30 year loan to some fucker who was already old as dirt because it was doubtful that Yoda was going to live long enough to pay all the payments.