Items Tagged with 'HOME EQUITY ACCESS'

ARTICLES

  • Quarter of homeowners can't define a HELOC

    Nearly half plan to renovate, but most won't use their home equity to finance it
    Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.
    Read More
  • Canada's reverse mortgage program is seeing tremendous growth, so what's the U.S. doing wrong?

    Reverse mortgage debt in Canada reached an all-time high in April
    Canada’s reverse mortgage market continues to see explosive growth while its U.S. counterpart struggles to stay afloat. Reverse mortgage debt in the country reached an all-time high in April by climbing to $3.66 billion, according to Canada’s Office of the Superintendent of Financial Institutions. This represents a 28.15% increase from the previous year.
    Read More
  • Senior housing wealth continues to smash records

    Older homeowners have amassed an unprecedented $7.14 trillion in home equity
    Older homeowners continue to rake in the home equity as home values appreciate across the nation, with the latest data revealing that equity levels for the 62-and-older set grew by $104 billion last quarter. That brought senior housing wealth to a record-breaking $7.14 trillion in the first quarter of the year.
    Read More
  • Alabama-based Hometown Lenders launches HECM division

    Adopts ReverseVision technology to support new channel
    Alabama-based mortgage lender Hometown Lenders announced Thursday that it’s launching a reverse mortgage division, employing ReverseVision’s HECM technology to support its effort. This makes Hometown the second lender in the last month to launch a HECM division using ReverseVision technology, apparently finding merit in the "generational lending" strategy RV promotes.
    Read More
  • Experts: There's an urgent need to stabilize the reverse mortgage program

    Say HECMs the only means for low-income seniors to age in place
    A group of experts on aging and retirement gathered at a private meeting hosted by the Urban Institute to discuss the retirement crisis looming over the country's older population, and one thing was abundantly clear: We must find a better way to monetize home equity. For starters, urgent fixes are needed to stabilize and improve the reverse mortgage program.
    Read More
  • Reverse Mortgage Funding expands payment options on proprietary reverse product

    Equity Elite borrowers can now receive proceeds in term payments
    Reverse Mortgage Funding is expanding the payment options on its proprietary reverse mortgage – the Equity Elite – to include term payments. Previously, Equity Elite borrowers could withdraw up to $4 million in their home's equity in a lump sum only at closing. Now, borrowers can select any number of term payments between 24 and 120 months.
    Read More
  • Study finds home equity can solve part of the retirement crisis

    But as it won't provide a solution for everyone, policymakers need to set up
    The majority of middle-income seniors will not have enough money to cover essential living and medical expenses a decade from now, according to a recent study by researchers at the University of Chicago. But while utilizing home equity can help alleviate the burden for some, it can't provide a solution for everyone.
    Read More
  • How many borrowers are taking out jumbo reverse mortgages? No one really knows

    The industry avidly tracks HUD-endorsed HECMs, but it's sorely lacking cross-lender data on non-agency reverses
    For the last several months, data on reverse mortgage volume has illustrated a steady descent as the industry has struggled to regain its footing in the wake of program changes. But does this tell the whole story? Five lenders now originate proprietary reverse mortgage products. But the problem is they all decline to offer specifics on volume, so there’s no way to tell just how many of these non-agency loans the industry is collectively closing.
    Read More
  • 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.
    Read More
  • Canada's reverse mortgage market sees explosive growth

    Meanwhile, its U.S. counterpart sinks. What gives?
    Reverse mortgages in Canada are all the rage, apparently, with the market closing out December up 31% year over year and a new bank jumping in to grab a piece of the action. Meanwhile, the reverse mortgage market in the U.S. is down 27% from last year, settling into a 14-year slump. So why do the two markets – which face the same convincing demographic and economic trends – vary so drastically in their rate of success?
    Read More