Columbia SC senior citizens are among a growing segment of the population over the age of 50 who are falling into serious mortgage debt. According to a report from AARP, more than three million borrowers over the age of 50 are at risk of losing their homes to foreclosure.

Since the housing crisis began, more than 1.5 million homeowners age 50 or older have already lost their homes to foreclosure, pushing the foreclosure rate among this group to 2.9% in 2011 from 0.3% in 2007, according to the AARP’s Public Policy Institute. And another 3.5 million have found themselves underwater, owing more on their mortgage than their homes are worth.

Columbia SC senior citizens have long been believed to be cushioned from the blow of the housing crisis because they owned their homes outright or hold large equity stakes they could draw from in case of financial hardship.

Columbia SC Senior Citizens Carry More Debt Than Ever

Older Americans are carrying more mortgage debt than ever before, and more older Americans have mortgages than they did 20 years ago.

According to the Federal Reserve, the percentage of families with mortgages held by someone age 75 or older, for example, jumped to 24.2% in 2010, up from 6.3% in 1989. Over the same time period, the amount of mortgage debt this group of borrowers owed jumped to a median of $52,000, up from $11,800.

Columbia SC senior citizens who lose their jobs, for example, have a harder time getting hired than younger workers. And those who do find a job often end up taking a pay cut, making it more difficult for them to afford their mortgage payments.

While the economy is slowly recovering and home prices are starting to stabilize, it may be too little too late for many older homeowners — especially the 3.5 million who are currently underwater on their mortgages.

The AARP report points out a very troubling fact: Many Columbia SC senior citizens don’t have enough time left to rebuild their finances before declining health or disability forces them into retirement and starts eating away at their savings.