SHOWS IN THIS DILEMMA:
Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation
- 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.