2012-10-09businessinsider.com

There are many reasons why seniors might find themselves in foreclosure trouble, says Foster. "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."


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