One solution for out of work homeowners is to lower the age of eligibility for "reverse" mortgages to 50 or 55. Then older folks could tap into their homes equity to pay off the existing mortgage, relieve the burden of ever making a mortgage payment (unless they refi in the future), and possibly give them some cash in hand each month. Since the official name is "home equity conversion mortgage", you need some equity to convert to present money. However, if a home is underwater, or doesn't qualify for an amount sufficient to pay off present financing, then the bank either has to take a "short refinance", somewhat similar to a short sale, or the bankers need to create an equity sharing instrument so that what the bank can't get now, they can get when the house is sold or at upon some agreed event. I'm sure smart bankers can figure out an instrument that would work. Another huge game changer would be for FNMA to allow short refi's. Currently FNMA will not accept reductions in principal. You know those birches that bend and survive the wind, and those others that can't bend and crack. Well, the wooden heads at FNMA gotta learn how to bend.

Thank you so much for doing this. People do not realize this is happening everywhere. Workers over 50 had good jobs that they did well prior to 2008. Why would they not be responsible, valuable employees now? They would be, they just can't afford to work part time for 7.50 an hour unless they are subsidized by the Government. We want to be free of all benefits and return to a "reasonably paid" full time position, working hard and making enough to live on for our families without needing a helping hand from State Government.

My plan for getting America back to work: #1 Make being an :intern: subject to Equal Opportunity and age discrimination laws. No Kidding why should someone older be told they are OVERQUALIFIED? That is just mean and nasty to someone willing to work for little or no pay to keep a recent job in their field at the top of their resume. #2 Eliminate all extended unemployment after 26 weeks UNLESS you are in an Intern job or in job training. Again if some employer tells me I am TOO OLD to be an intern well the UI office can make it hard for them to do business. #3 Quit being NASTY and demanding welfare recipients find work.........again no kidding From personal experience the NYC back to work programs are an incredible waste of taxpayers money....Rude nasty very little if any help. It is a Boondoggle and the only people who they serve are Goodwill Arbor Fegs employees by getting paid every two weeks. What to do to sound tough on getting government help??????? #4 Again from personal experience force welfare recipients to Read, Write and Speak ENGLISH.......so many of they will drop out on their own...they will be embarrassed to give up their ghetto Ebonics....... #5 Again eliminate all parole and probation....If you want to get out early read the New York Times in front of a parole board. If you can do that, then why not give you a second chance....Tough Love and give the prisoner a CHOICE to change or not. The Republicans have nasty streak that is just awful for America, and the big OH is no better ignoring everything by playing golf. And about government workers and Unions........no need to get rid of them, just make it easy to fire them No one gets fired NO pay raises. We all had bad experiences with overpaid un-qualified government workers. Well with 10%+ unemployment we should have tons of qualified people who would be overjoyed to have a government job. We have millions of wasted lives today.........We need a CHANGE Thank you,

They don't care. If they cared they could make it a capital crime for any CEO's company to discriminate on age. But they don't care at all. If the people in congress cared they would long ago have made it a crime to discriminate. But the health insurance companies rule the day. Money rules all.

Thats fantastic! You guys are doing a great job..keep up the good work and dont lose hope! This is a huge accomplishment!!!