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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 326
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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

While mortgage rates are high and economic uncertainty looms, there is good news for borrowers who already have a mortgage and may be looking to tap into their equity. Home equity loans and home equity lines of credit (HELOCs) are both loan products that are secured by the equity on a borrower’s home. Read on to find out.

Equity 533
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Why equity-tapping challenges may make reverse mortgages ‘inevitable’

Housing Wire

Tapping into home equity , particularly for people in or near retirement , can be challenging — especially for those who may have a pressing need. With this product, eligible people 62 and older can extract equity in a variety of ways, say through a lump sum. But their equity is also a tool. Homes are trophies, sure.

Equity 459
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Longbridge has a new addition to its proprietary reverse mortgage suite

Housing Wire

Principal agents and closed loan sellers can ask their LOS administrator to add it to their available product menu, the company said. But the variations available to brokers and principal agents differ. Other lenders active in the proprietary space include University Bank , Smartfi Home Loans and Nationwide Equities.

Mortgages 349
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Residency requirements top HUD OIG’s list of open reverse mortgage issues

Housing Wire

Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) related to the Home Equity Conversion Mortgage ( HECM ) program, there are four open recommendations according to a review by HousingWire ‘s Reverse Mortgage Daily (RMD). On an online database tracking a series of issues the U.S.

Mortgages 395
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With lower costs and other value, rural areas are enticing for older homebuyers

Housing Wire

Make sure you research your options, said gerontologist Nancy Schier-Anzelmo, principal in Alzheimers Care Associates in an interview with Yonder. As we get older its hard to make new friends and thats why its important to find your tribe those people who are at the same stage of life and have the same life experience as you do.

Equity 413
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Cash-out refis are in high demand as equity levels skyrocket

Housing Wire

Record home price appreciation in recent years has pushed tappable home equity to new heights. According to a report published by data vendor Black Knight this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity—a record. of available equity entering the quarter, the report said.

Equity 476