The article discusses how persistently high interest rates and non-traditional career paths have created significant barriers for homeowners seeking to access their home equity. With around 9% facing job losses or transition to gig work yearly, many are experiencing negative credit impacts, restricting their borrowing options. It notes that an estimated $731 billion in home equity is tied up due to these constraints at a time when homeowners need it most. The evolving economic landscape prompts the industry to adapt and find new financial solutions for affected homeowners.
About 9% of homeowners with a mortgage experience either a job loss, a reduction in pay or a transition to self-employment within a given year.
Homeowners facing a negative credit shock collectively hold an estimated $731 billion in home equity that they may be unable to access due to credit constraints.
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