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Dear NCRC friends,
For the first time, the Consumer Financial Protection Bureau released Home Mortgage Disclosure Act (HMDA) data inclusive of age. The 2018 data, released in September 2019, is the first to include the ages of applicants and co-applicants, offering insight on the activity of older adult borrowers. NCRC’s new report, Mortgages and Older Adults After COVID-19 ([link removed][UNIQID]) , utilized this new information to highlight trends in homebuying, aging in place and use of home equity. From downsizing, making home modifications or needing additional resources to pay for healthcare costs or other expenses, older adults are active in the homebuying and refinance markets.
Key Findings
* 30% of mortgages in 2018 went to older adults.
* 67% of older adults who took out mortgages were refinancing their homes and 68% of those used the mortgage to access the equity in their homes.
* Older borrowers were Whiter than younger borrowers.
* As with younger borrowers, there are racial disparities in interest rates charged to minority and White older borrowers.
Read the entire report ([link removed][UNIQID])
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