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

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

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

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  • Even while the housing marketplace recovers, lenders are applying extremely strict credit criteria that exclude creditworthy borrowers, especially people in traditionally underserved populations.
  • In addition, a higher percentage of older property owners carry home loan financial obligation, possibly affecting their monetary stability and wellness while they age.
  • New credit scoring models, new items and policies that target creditworthy low-income borrowers, handbook underwriting, and efforts to allay lenders’ concerns could expand credit access sustainably.
  • Neighborhood programs that offer home taxation relief or help with upkeep expenses, along side financing options, might help older property owners with home loan financial obligation.

National measures of single-family housing begins and house values suggest that the housing industry has mostly recovered considering that the Great Recession.

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