Tag: Home Equity
-
Got Wealth? Deed Holding Beats Renting at Every Age, Federal Reserve Finds
Buying a home is expensive. But the investment in a deed can pay off as equity increases. Holding a deed is a pillar for household wealth-building, according to the Federal Reserve’s Survey of Consumer Finances. It’s not surprising that the Fed has confirmed this. Yet it’s interesting to see how the U.S. central bank lays…
-
Older Adults Are Holding Record Amounts of Home Equity. Can Their Heirs Afford to Keep It?
Older adults are poised to pass along roughly $19 trillion in home equity over the next two decades. But the wealth is unevenly held. Many seniors struggle to preserve the equity they have. And even if they can, will their heirs be able to do the same? More than a fourth of homeowners aged 65+…
-
Illinois Tax Sale Reform News: What Deed Holders Now Must Know
A new court ruling, plus a new state law, is strengthening Illinois deed holders at risk of losing their hard-earned home equity because of unpaid property taxes. It’s about time. Thousands of Illinois deed holders have lost their homes and all of their home equity over relatively minor tax debts. Consider the Kidd household. After…
-
Avoid the $20K “Age Penalty”: Maximize Your Home Equity and Sell for Full Price
Statistics show that, all other things being equal, older homeowners tend to receive lower sale prices. Why? And, more to the point, how can you—or a senior in your life—buck that trend?
-
Could Your Home Equity Help Your Adult Child Get a Deed?
Hard to believe 30-year, fixed mortgage rates were under 3% six years ago. Today’s rates are well over 6%. And, according to new Census figures, home prices are averaging above a half-million dollars as we go to press. So if your adult child is struggling to save for a home, well… no wonder. Meanwhile, perhaps…
-
Struggling With Your Mortgage Payments in a Harsh Economy? Not All Promises of Help Are Legit.
There are deep problems in the U.S. housing economy—including for deed holders. And today, for many households coping with inflation, oil price surges may be the last straw. This financial pressure will likely create many more targets for the grotesque business of promising mortgage relief in order to snatch equity from homes. You might have…
-
Cashing in the Deed and Moving to Retire
A deed is a key asset as you approach retirement. If you opt to sell your home, you’ll have the equity at your fingertips. You might opt to downsize, or you might decide to rent at a retirement community, or move downtown for the culture and convenience. Here are a few points to consider—and an…
-
More Deed Holders Slip Under Water. Lost Equity Risk Varies by Region.
The average deed holder is doing OK—sitting on $299K. But as high as home values are, across-the-board homeowner equity is down from its 2024 highs. Home equity belonging to the average U.S. deed holder went down by about $13K last year. In 32 states, people have been losing equity. Most strikingly, the number of mortgage…
-
HECM: Can It Ease a Senior’s Financial Stress?
A home equity conversion mortgage (HECM) is a lesser-known financial tool designed for seasoned deed holders. At essence, it’s a reverse mortgage. Backed by the FHA, it allows qualified seniors to reach some of their home equity while holding onto the home.
-
Reach Equity, for Zero Interest? Beeline Gets Deed Holders Buzzing
Blockchain-based home equity lenders are now in business. Here, we look at one. Digital mortgage lender Beeline Holdings, based in Providence, Rhode Island, offers conventional home mortgages as well as alternative loan products, for primary homes and investment properties alike. Beeline serves people, and it serves other mortgage companies. The company recently got itself listed…
-
Financial Planning for Deed Holders: Keep the Mortgage?
Some deed holders, hoping to pay their loans down early, send extra money toward their mortgage principal each month. Why are they eager to pay down a mortgage balance faster than the loan agreement requires? Is that the best approach from a financial planning standpoint? Here, we go through some factors that prompt some deed…
-
“The Senior Living Market Can’t Keep Up With Demand”: A Deed May Be the Best Senior Living Plan
In a recent issue of the CNBC Property Play newsletter, Diana Olick wrote that older adult living is “on the edge of a boom — a baby boom, to be exact.” Between today and 2030, more than 4 million baby boomers will reach the age of 80. Can active adult and assisted living properties climb…
-
Passage From Deed to Deed: Rocket Mortgage® Now Offers Bridge Loans
Need to sell your home? Homes aren’t selling as quickly as they used to. But a bridge loan might provide some help with your buying-while-you-sell experience. This is the message from Rocket Mortgage®, which will now let you buy your next house now — before you transfer the deed to your current home. Let’s take…
-
House-Proud: New Research Links Homeownership to Mental Wellness
More than two in every 10 adults in the United States live with mental illnesses. More than 8% of our population is dealing with a major depressive disorder. Since the pandemic took hold, mental health issues have shown a trend upward. What does a deed (or the lack of one) have to do with this?…
-
Politically Connected Broker Pushed Senior Into Reverse Mortgage, Says Lawsuit
A current member of the Council of Calistoga, California, who is also a broker, faces a hearing this month. A lawsuit accuses Councilmember Scott Cooper, along with his company, of exploiting an elder financially.
