Older Americans Face Threats To Their Housing

[From article]
Of all the financial threats facing Americans of retirement age — outliving savings, falling for scams, paying for long-term care — housing isn't supposed to be one. But after a home-price collapse, the worst recession since the 1930s and some calamitous decisions to turn homes into cash machines, millions of them are straining to make house payments.
The consequences can be severe. Retirees who use retirement money to pay housing costs can face disaster if their health deteriorates or their savings run short. They're more likely to need help from the government, charities or their children. Or they must keep working deep into retirement.
[. . .]
They say they shouldn't have qualified for a loan that big. They alleged in an unsuccessful lawsuit against two mortgage firms and a title company that "someone" without their knowledge had inflated Lowe's income on the loan application to get the mortgage approved. (A court ruled in 2013 that "a reasonably prudent person" should have spotted "the alleged wrongdoing" in the application in 2005.)

http://bigstory.ap.org/article/39c19ef44eaa46888423ae1072226596/more-older-americans-are-being-buried-housing-debt

More older Americans are being buried by housing debt
By PAUL WISEMAN
Jun. 2, 2015 3:37 AM EDT