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What are the potential home equity and tax strategies for wealthy seniors?

Housing Wire

It depends on an individual’s tax bracket and their priorities, but there are several options for higher-net-worth individuals,” Resch said. Steve Resch, vice president of retirement strategies at industry-leading lender Finance of America Reverse (FAR), told Financial Advisor that the utility can vary when it comes to tax savings. “It

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Fannie and Freddie set dates for their new refi option

Housing Wire

Industry leaders commented on this stipulation given that a number of borrowers who are in this income bracket likely took out some form of forbearance, and the FHFA has yet to clarify whether forbearance plays a factor in this qualification. The reality is that borrowers who are in this bracket likely have an FHA loan ,” Stevens said.

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HMDA: The top 10 FHA lenders by volume in 2021

Housing Wire

Millennials made up 57% of applicants for FHA loans in 2021, with borrowers in the age bracket of 25 to 34 making up 28.1% Applicants in the 55 to 64 age bracket made up a mere 10.1%, HMDAVision shows. loanDepot had an average interest rate of 3.23% for FHA loans and Nationstar Mortgage had average interest rates of 3.22%.

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Median income earners can only afford 25% of current listings

Housing Wire

households earn $75,000 or less, meaning that in a balanced market, 51% of the homes for sale would be affordable to buyers in this income bracket. Meanwhile, 48% of white Americans fall into the same income bracket, and they can also afford to buy 22% of listings. Of those 1.1 Over half (51%) of U.S. In other words, the U.S.

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The ‘silver tsunami’ will hit South Florida even harder

Housing Wire

In 2025, it’s estimated that roughly 940,000 residents in the 65-and-over bracket — including 130,000 who are 85 or older —will call the region home. Florida already leads the U.S. in the concentration of older adults living there, with more than 18% of its total population comprised of residents 65 and older.

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Congress should adopt mortgage interest tax credit: CHLA

Housing Wire

A mortgage interest credit could be targeted to maximize homeownership benefits by applying only to first-time homebuyers; by being capped and phased out by adjustable gross income; by being refundable; and by distributing tax benefits “more equitably regardless of income bracket through a tax credit,” CHLA argued.

Mortgage 496
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Social Security COLA on track for smaller increase in 2025

Housing Wire

The data indicates that low-income seniors are more affected, but those in a higher income bracket are also posting higher spending levels relative to their income. “Statistical testing shows that there’s almost no chance that this gap is due to noisy survey variation.