AARP: Policy and Research Information for Professionals in Aging

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Mortgages

AARP The Magazine Survey of Investors Ages 50+: Reactions to 30 Days of Frenzy in the Financial Sector and Stock Market  / Research Report
November 2008— This October 2008 survey commissioned by AARP The Magazine examines how investors ages 50+ reacted to the turmoil in the financial markets from early September to early October 2008 and how the events of those 30 days affected their outlook about investing and retirement. (16 pages)

A First Look at Older Americans and the Mortgage Crisis  / Research Report
September 2008— This first-ever analysis of mortgage data by age shows that older Americans have been significantly impacted by the mortgage crisis, with more than 684,000 homeowners age 50+ in delinquency or foreclosure during July-December 2007, according to this Insight on the Issues by Alison Shelton of AARP’s Public Policy Institute. (6 pages) (Publication ID: I9)

In Brief: Reverse Mortgages: Niche Product or Mainstream Solution? Report on the 2006 AARP National Survey of Reverse Mortgage Shoppers  / Research Report
December 2007— A succinct summary of the AARP Public Policy Institute (PPI) Research Report of the same title in which Donald L. Redfoot of PPI, Ken Scholen of the AARP Foundation, and S. Kathi Brown of AARP Knowledge Management present the results of the first survey of reverse mortgage shoppers—older homeowners who have gone through reverse mortgage counseling and either taken out a loan or decided not to do so. (2 pages) (Publication ID: INB999)

Reverse Mortgages: "Niche Product or Mainstream Solution? Report on the 2006 AARP National Survey of Reverse Mortgage Shoppers"  / Research Report
December 2007— Results of the first survey of homeowners who have considered a reverse mortgage, both those who have taken out these loans and those who have decided against them, are presented in this AARP Public Policy Institute (PPI) Research Report by Donald L. Redfoot of PPI, Ken Scholen of the AARP Foundation, and S. Kathi Brown of AARP Knowledge Management. (228 pages) (Publication ID: 2007-22)

FYI: The Subprime Market: Wealth Building or Wealth Stripping for Older Person  / Research Report
June 2007— While the “democratization of credit” has led to record numbers of Americans reaching the American dream of homeownership, there is growing evidence that many borrowers are now being sold products that strip, not build, home equity and household wealth. In this AARP Public Policy Institute FYI report, Sharon Hermanson discusses ethnic background lending disparities, predatory loan practices, and increasing foreclosure rates. (4 pages) (Publication ID: PPI M-6)

Homeownership Education Counseling  / Research Report
November 2003— This brief report explains the history of homeownership education counseling (HEC), types of mortgage counseling programs, the issues that are key to effective HEC, and their implications for public policy. (6 pages) (Publication ID: IB65)

Attitudes Toward Consumer Issues: A 2003 Survey of AARP Members in West Virginia  / Research Report
June 2003— Opinions and comments about a variety of consumer issues are explored in this 2003 survey of 1,125 AARP members in West Virginia. Among the measures supported by respondents are the elimination or restriction of payday lenders, consumer protections on sub-prime mortgage lending companies, and strengthened laws against identity theft. (24 pages)

Experiences of Older Refinance Mortgage Loan Borrowers: Broker- and Lender-Originated Loans  / Research Report
January 2003— Older refinance borrowers with broker-originated loans are much more likely to report that they did not initiate the contact about the loan, relied more on the broker than borrowers with lender-originated loans, and are more likely to have received loans with less favorable terms. An AARP Public Policy Institute Data Digest by Kellie Kim-Sung and Sharon Hermanson. (4 pages) (Publication ID: DD83)

Older Subprime Refinance Mortgage Borrowers  / Research Report
July 2002— Key findings from a national study of the experiences of older prime and subprime refinance mortgage borrowers are detailed in this AARP Public Policy Institute Data Digest by Neal Walters and Sharon Hermanson. (4 pages) (Publication ID: DD74)

Home Loan Protection Act: A Model State Statute  / Research Report
November 2001— This AARP Public Policy Institute model state statute designed to protect consumers from abusive mortgage lending practices was written by Mike Calhoun of the Self-Help Credit Union and Margot Saunders, Elizabeth Renuart and Mark Benson of the National Consumer Law Center. (31 pages) (Publication ID: D17346)

Credit Scores and Mortgage Lending  / Research Report
August 2001— Credit scores are numbers calculated to measure the risk of delinquency or default posed by an individual seeking credit. In this AARP Public Policy Institute Issue Brief, Neal Walters and Sharon Hermanson describe the important role credit scores play in mortgage lending and discuss policy issues associated with their increased use. (8 pages) (Publication ID: IB52)

Subprime Mortgage Lending and Older Borrowers  / Research Report
March 2001— Findings from a national study of first-lien mortgage borrowers age 45 and older. In this AARP Public Policy Institute Data Digest, Neal Walters and Sharon Hermanson describe the characteristics differentiating older prime from older subprime borrowers. (4 pages) (Publication ID: DD57)