More than 600,000 seniors are delinquent in their mortgage payments or already in foreclosure, USA Today reports.
Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind.
"I've got a lot of seniors who have just been nailed," mortgage specialist Dean Wegner told the newspaper.
"They're upside down (owing more on their mortgage than their homes are worth), they can't refinance and they're on a fixed income."
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