FEATURES IN THIS MATTER:
Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation
- Even while the housing marketplace recovers, loan providers are applying extremely strict credit requirements that exclude creditworthy borrowers, specially users of usually underserved populations.
- At precisely the same time, a larger percentage of older property owners carry home loan financial obligation, potentially impacting their economic security and wellness because they age.
- New credit scoring models, new services and policies that target creditworthy low-income borrowers, handbook underwriting, and efforts to allay loan providers’ concerns could expand credit access sustainably.
- Regional programs offering property taxation relief or help with upkeep expenses, along with financing options, can really help older property owners with home loan financial obligation.