A survey of 1,500 homeowners reveals a shift in sentiment regarding home equity lending, with 21% willing to tap into their equity. However, significant hesitance persists, attributed chiefly to concerns about affordability (54%) and high interest rates (63%). Educating homeowners about their options and simplifying the lending process could bridge this gap. Notably, 45% of likely borrowers indicated home improvement as their primary motivation for engaging with home equity lending, with reputation and trust in lenders being crucial factors in their decision-making.
'54% of hesitant homeowners cited affordability of the practice as a chief concern, but 63% are more worried about high interest rates impacting their decisions to tap equity.'
'Kelly emphasized that homeowners are recognizing the potential of home equity lending, but many are still hesitant due to financial uncertainty and lack of knowledge about their options.'
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