The sad truth about those with paid off homes, is that they take out equity loans to update their worn out homes, or just to try to make it between social security checks. Now THERE’S a subject to talk about... Social Security - a nearly bankrupt program that was run into the ground over 15 years ago when money was taken out of that fund and never put back. Now seniors and the now aging baby boomer generation are going to suffer in the near future as that program will collapse in on itself. What does this have to do with the subject at hand? Simple - they cannot keep up with payments with dwindling incomes so these loans go into default and their now paid off home is going into foreclosure. A 70 year old woman is going to lose her home she bought in 1970!!! Paid for it through years of work, now will have nothing to show for it. THAT IS PITIFUL! OUR GOVT SHOULD BE ASHAMED OF ITSELF! Instead, they are not looking too concerned about the rise in foreclosures, the shrinkage good available jobs and a failing social security system. THIS IS SAD! Grandma’s and grandpa’s all over are living in homeless shelters that are already over capacity. At no time in U.S. history since the Great Depression has our economy been in tatters like this.
Welcome to FreeRepublic, troll!