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Home equity gains slowed in Q3. Are prices stabilizing?

Housing Wire

mortgage holders experienced a home equity increase in the third quarter of 2024 up 2.5% But that was down from 8% growth in the second quarter, and negative equity also ramped up for the first time in two years, according to a CoreLogic report. But CoreLogic noted that negative equity actually declined by 3% from Q3 2023.

Equity 396
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Home equity access: How Finance of America bolsters the market with home equity products

Housing Wire

However, homeowners have a unique advantage with home equity products—designed to let residents tap into their home’s equity for cash. Mortgage professionals must keep up with the new demand for home equity products in the new market. That growth presents an opportunity for reverse mortgages and home equity loans.

Equity 369
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Renovation projects remain popular, but homeowners often need help paying for them

Housing Wire

Ongoing supply and affordability challenges in the housing market have frustrated many homeowners who have looked to trade up or relocate for various reasons. Louis-based Clever Real Estate , 63% of homeowners would rather remodel their current home than move to one that has already been fixed up. trillion at the midpoint of the year.

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Struggling homeowners often don’t understand escrow

Housing Wire

The December Annual Escrow Awareness survey questioned 1,000 homeowners on how their escrow accounts would affect their mortgage payments. After that, 70% had higher homeowners’ insurance and 57% had higher premiums. Escrow accounts are required for conventional borrowers with 20% or less equity in their homes.

FHA loan 397
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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.

Equity 369
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loanDepot enhances home equity access with two new product options

Housing Wire

homeowners with access to their tappable home equity. The expansion adds 10- and 30-year fixed-term options to the companys existing 20-year fixed-rate home equity loan, which the company has designed as complements to its first-lien and second-lien home equity lines of credit ( HELOCs ).

Equity 370
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Reverse mortgage alums secure financing for alternative equity-tapping product

Housing Wire

The funding will go to support the company’s specialty home equity-tapping product known as the Cornerstone Home Equity Insurance/Investment Funding Solutions (CHEIFS). The product operates similarly to a shared equity investment. CHEIFS is currently available in four states: Arizona , California , Florida and Pennsylvania.

Equity 365