I just read this article and wanted to share it with you – Trillions in equity vanished from the housing market in the third quarter. An excerpt from the article below:
High mortgage rates and looming economic uncertainty caused trillions in equity to evaporate from the housing market in the third quarter of 2022, according to Black Knight’s mortgage monitor report. And while additional declines are expected to be on the horizon, the good news is that the country’s housing equity position is still strong compared to the start of the pandemic.
It brought home for me how important this time is for locking in the appreciation that most of us have experienced over these last few years.
I want to tell everyone, lock it in with a Reverse Mortgage!
The equity made available with the reverse cannot be reduced by the lender in the future regardless of what happens with real estate prices over the next few years.
The great part is that the borrower is letting a small part of that appreciation pay the closing costs to lock in the rest.
This has been coming up a lot these last few months with clients worried about losing what they have gained. I would love to hear your thoughts on this and talk about what you have been hearing.