Items Tagged with 'Home equity'

ARTICLES

  • Study reveals generational divide in HELOC use

    Millennials more likely to use proceeds on things other than home renovation
    Most of the time, when a homeowner takes out a HELOC, the plan is to use the proceeds to fund home renovations. But a recent survey of 1,003 HELOC or future HELOC borrowers by Citizens Bank revealed that younger borrowers are much more open to using the loan for things other than home renovation, shedding light on a generational divide in the way homeowners utilize their home equity.
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  • Spring isn't only for homebuyers, it's for remodelers, too

    Trulia says 90% of homeowners plan to remodel their homes
    Spring is just around the corner, and the housing market is gearing up for a hot home buying season. And while data suggest many Americans are likely to purchase homes, a recent survey from Trulia indicates a significant number of current homeowners will choose to remodel their homes instead.
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  • Figure Technologies expands leadership team

    Hires former Fidelity exec and chief economist to advance mission to help homeowners access equity
    Figure Technologies announced its intention to shake up home equity lending in the fall, and now it's making key hires to help achieve this goal. The fintech company is the brainchild of former SoFi co-founder and CEO Mike Cagney, who launched the company last March with the goal of leveraging AI, blockchain and advanced analytics to revolutionize home equity lending.
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  • Homeownership investment company Point raises $122 million

    Plans to work with investors to tackle housing affordability issues
    Homeownership investment company Point just landed a major cash infusion that will fund its plans to help more Americans access their home equity, raising $100 million in platform capital and securing $22 million in a Series B funding round. "We are witnessing the emergence of a whole new class of financial solution that is aligned with homeowners, and investors are taking notice," said Point Co-Founder and CEO Eddie Lim.
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  • Do home equity loans affect your credit score?

    New study analyzes 2,500 borrowers to find out
    Despite record amounts of home equity, fewer homeowners are tapping into this source of wealth. While a number of factors contribute to this fact, could concerns about a home equity loan's effect on credit score play a role? To determine the impact a home equity loan could have on a borrower's credit profile, LendingTree analyzed data from 2,500 consumers to see how their credit scores changed in the months after they took out a loan, and the results may surprise you.
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  • HELOC borrowers increasingly likely to shop for alternative funding

    Study shows HELOC providers face growing threat from alternative lenders
    HELOC volume has been limp in the last year despite rising equity levels thanks to rising interest rates and new tax laws, and now HELOC providers are facing increased competition from alternative lenders. A recent survey by J.D. Power revealed that homeowners are researching their options, looking into alternative funding sources before selecting a HELOC.
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  • Older homeowners are driving the home improvement market

    Harvard study says Baby Boomer spending on accessibility improvements will soar
    Armed with record amounts of home equity and an expressed desire to remain in their homes as they age, older homeowners are driving the home improvement market. A recent study by the Joint Center for Housing Studies at Harvard University revealed that households 55 and older account for half of all current home improvement spending. And, as Baby Boomers reach their 70s and 80s, researchers say their investments in home modifications to enhance accessibility will soar.
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  • Seniors now have a collective $7 trillion in home equity

    Housing wealth among the senior set reaches record levels
    Housing wealth for homeowners 62 and older continues to grow at a steady clip, reaching a record $7.05 trillion in the fourth quarter of 2018. The National Reverse Mortgage Lenders Association revealed that senior housing wealth grew 1.4% in the last quarter thanks to an increase in senior home values.
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  • Bloomberg: Reverse mortgages are staging a comeback

    Industry embraces academics, leaves behind celebrities to spread new message
    Reverse mortgages might be "America's most hated home loan," according to a recent article in Bloomberg, but the news outlet also says they are staging a comeback thanks to the support of leading academics. In the past, these loans were touted as an option for cash-strapped seniors by aging celebrity pitchmen. But now, lenders are turning to retirement researchers and high-profile financial planning experts to promote the product's use as a smart financial planning tool.
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  • Foreclosure rate falls to near 20-year low

    Rising equity levels push foreclosure rates down
    The share of mortgages in some stage of the foreclosure process fell to 0.4% in December – tying with the previous month for the lowest rate since January 2000, according to the latest report from CoreLogic, which noted that the overall delinquency rate has fallen steadily since the beginning of 2018 to pre-crisis levels not seen since early 2006.
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