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

Housing Wire

In response, some consumers have turned to renovation projects to meet their needs. The market for renovation projects is a lucrative one for homebuilders and contractors. Mortgage lenders can also benefit from these projects through a variety of products, including home equity lines of credit (HELOCs).

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Primary suites, kitchens, roofing lead remodel impact report

Housing Wire

Replacing a front door with a new steel model saw a 100% cost recovery rate, while closet renovations (83%) and new fiberglass front doors (80%) also offered significant returns, according to estimates from remodeling professionals. In contrast, the projects with the strongest cost recovery were more modest in scale.

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

Housing Wire

This is in line with some other proprietary reverse mortgages and seven years lower than the age requirement for the Home Equity Conversion Mortgage (HECM) program offered by the Federal Housing Administration (FHA). But FOA contends that HomeSafe Second represents a better value proposition than a traditional HELOC.

Mortgages 434
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Finding qualified contractors is the biggest obstacle to reno projects

Housing Wire

Home renovation projects could bring a variety of safety and efficiency improvements to older construction, but anxiety is a key element keeping many homeowners from exploring renovation projects. Baby boomers led the way in this respect, with 60% of boomer respondents saying savings would be the primary funding source for renovations.

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Portrait of a pre-foreclosure peacemaker

Housing Wire

The rest are saving their equity with us by either selling to us or allowing us to list.” But the magnitude of the discount for some buyer segments, coupled with an analysis of subsequent resales (flips), points to possible equity stripping in some cases. Most of the homeowners don’t qualify for refinancing. “I I give them everything.

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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
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Home equity lending flat in 2023 as outstanding debt increased: MBA

Housing Wire

Home equity lending in 2023 grew by only 1.5% The data includes total originations of open-ended home equity lines of credit (HELOCs) and closed-end home equity loans. Home equity originations were relatively flat in 2023 compared to 2022,” Walsh said in a statement. billion per company in 2023, compared with $2.1

Equity 448