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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 370
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Homeowners have a collective $700B in ‘trapped’ equity

Housing Wire

More than $700 billion in home equity is effectively trapped and inaccessible to homeowners due to a variety of economic circumstances, including employment shocks and shifts in the market that negatively impact their credit scores. This exacerbates existing barriers to credit and access to home equity.

Equity 349
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Aging in place, high equity impact moving activity

Housing Wire

We’ve seen a lot of baby boomers staying in their houses because they’ve gained a lot of equity and don’t want to have to pay capital gains taxes, she said. Despite sustained reverse mortgage industry efforts , H4P loans have not managed to break through to a meaningful degree with reverse mortgage customers.

Equity 394
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Washington Legislature requests study of home equity investment products

Housing Wire

As one of only a few states considering more stringent regulation of the home equity investment (HEI)/home equity contract product category, lawmakers in the state of Washington have requested an academic study to assess the impacts on state residents who may use an HEI to tap into their home equity.

Equity 272
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Equity Smart Home Loans cuts ties to UWM, partners with Rocket

Housing Wire

Equity Smart Home Loans made a splash Wednesday by announcing it is severing ties with United Wholesale Mortgage (UWM) and partnering with Rocket Pro. We’re in a tough market. A lot of our loan officers are struggling. ” In 2024, Equity Smart Home Loans originated over 1,600 loans, according to Modex data.

Equity 221
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FOA lowers rate, expands HomeSafe Second reverse mortgage into new states

Housing Wire

The interest rate on the loan has been lowered from 9.99% to 9.49%. Interest rates on second-lien loans tend to be higher when compared to first liens, reflecting the higher amount of risk to the lender. It will also be available in four new states, bringing the total to 10 with more planned for 2025.

Mortgages 432
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Unison unveils ‘hybrid’ home equity sharing loan

Housing Wire

Home equity solutions provider Unison launched a new product on Tuesday that combines the features of traditional mortgage financing and emerging home equity investment (HEI) options. The San Francisco -based Unison calls its new offering the Equity Sharing Home Loan. home equity by the end of this year.

Equity 459