Vulnerable boomers: mortgage foreclosure in older age

This article examines the circumstances of 415 older homeowners in a Southern U.S. County who faced mortgage foreclosures between 2018 and 2022. Data sources included foreclosure notices, property records, debt judgments, marriage/divorce records, and obituaries from federal, state, and county records. These data were analyzed using Schatzki’s Life Course framework, which highlights how people move through various stages of life as shaped by institutional policies – such as lending practices – that influence their actions according to group traits. The analysis revealed that chronic financial instability, frequently intensified by transitions to divorce, widowhood, or death, often led to foreclosure. Foreclosure rates among White and Black/African American homeowners were nearly identical (51.6% and 48.4%, respectively), and most foreclosees were sole owners (53%). Women made up 71% of the sole group. Foreclosure transitions differed by gender and race, with widowhood frequently leading to mortgage default among White women, while Black/African American women were mostly affected through sole ownership. Fewer sole men faced foreclosure across all racial groups, implying that male status confers some protection. These gender and race disparities affect generational wealth-building through homeownership, with broader adverse consequences for affected families and their communities.