As older Americans enter into retirement age, they are pressed with the question of staying in their home, borrowing against their home, or opting out of homeownership for renting. The report found that 76 percent homeowners born before 1961 are confident they will have a financially comfortable retirement.
A majority of those surveyed indicated that homeownership makes financial sense for most Americans. Freddie Mac also found that while many over the age of 55 would prefer to age in their current home, nearly 40 percent said they would prefer to move at least one more time, and 70 percent of those said they are likely to purchase their next home. Lowman noted that this will create significant opportunities and challenges for the industry for years to come.
HUD announced an agreement Wednesday with South Carolina-based First-Citizens Bank & Trust Company, resolving racial discriminatory lending allegations. According to HUD, the bank was allegedly denying loans to African-American, Latino, and Asian American mortgage applicants at a disproportionately higher rate than white applicants.