Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation

Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation

FEATURES IN THIS MATTER:

Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation

Shows

  • 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.