Stop Foreclosures for Senior Homeowners
Posted on June 30, 2009
Filed Under Foreclosures | Leave a Comment
One huge problem seems to have been identified regarding, attributing and taking unto consideration today’s population of senior citizens. However, a solution has also already been offered for this huge problem. Back in the day, senior citizens faced nothing much – the biggest thing was probably jobs involving double-digit inflation. But today is a whole new ballgame. Today, the world is preventing foreclosing on the senior citizens of the United States of America.
Being broke and being old at the same time is already frightening and traumatizing enough. Just think about how being homeless and being old must feel. It must be absolutely horrifying!
Our economy today has place a lot of our highly vulnerable citizens – the elderly senior citizens – at the utmost risk of complete homelessness. American senior citizens by the million are starting to get affected now – at an important time within their lives where it would be almost completely impossible to hope for a recovery. If today’s existing trends in the market continue the way they have been going, thousands and thousands of senior citizen homeowners are guaranteed to just lose their very homes due to foreclosure within the next couple of years.
There is an answer that many senior citizens can avail of, however: reverse mortgages. Sadly, around 30% of around twelve million senior citizens that may have had qualifications for reverse mortgages several years ago may no longer come with sufficient equity within their personal homes in order to qualify this time around.
Thankfully, there is also a solution to this particular problem. The FHA could raise the loan-to-value ratios for loans on reverse mortgage that comes with insurance. Such cashless solutions are ideal for our particular government as they could aid in stabilizing the overall market of real estate by stopping imminent foreclosures from taking place. Taxes on property will have to be kept being paid, however, and homes will merely be maintained, as needed.
The Troubled Asset Recovery Program (TARP) is a bailout that offers gifts to brand new first-time buyers of homes, but never did anything for homeowners that were senior citizens. Today, we are finally appealing to our personal government to instantly put a stop to every foreclosure being placed on senior citizens who are homeowners and to raise the number of money that is made available from reverse mortgage up to 30%.
If nothing is done, it would be guaranteed that more foreclosures would happen. Plus, local bases of tax will deteriorate and senior citizens would get displaced. All of this would put much more pressure on social programs that are completely funded by the government.
The Congress happened to come up with the Federal Housing Administration back in 1934. It was created with the hopes of stabilizing the overall market of real estate. Even to this very day, the sole government agency which happens to completely operate from its income that is self-generated costs taxpayers absolutely nothing. Actually, it has even been a center of profit for our government.
The year FHA was established; the industry of housing was lying completely flat on its back and even looked like it would never stand again. During different times all throughout its history of sixty years, FHA has put its complete power to use in order to stabilize the overall markets of real estate, as well as encourage personal home ownership.
As for today, its primary priority stands: to preserve and maintain home ownership, even amongst the elderly senior citizens.
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