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Elderly hit hard in bank foreclosures

Foreclosures affect everyone, but one non-profit director says they have a bigger impact on seniors.

Meals on wheels director Mrs. Beulah McField, said many of the seniors her organisation works with are homeless because of bank foreclosures.
She adds some seniors get a $500 a month pension, which she says is not enough to pay the bills.

“I have to be careful how I phrase this because I don’t want to think or say that the banks are really hard on seniors, but the banks right now are caring more about getting their moneys back, a lot of people are in areas with their mortgages and unfortunately some of the seniors have made bad choices and mortgage a home that had already been paid for and yes they are now having a lot of difficulties maintaining that mortgage,” said Meals on Wheels Director, Beulah McField.

According to the ESO, there were 118 properties in the foreclosure inventory through june of 2016, that’s down from 175 during the same period the year before.

About the author

Philipp Richter

Philipp Richter

Philipp Richter was born in Austria and moved to the Cayman Islands at the age of three. Throughout his life, he has always enjoyed documenting his surroundings with cameras. Studying television broadcasting and communications, he now can show the reality of life in Grand Cayman to the public.

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